My second Finlogix analysis today goes to the EURUSD.

I scored another loss during last trade analysis:

https://www.finlogix.com/analysis/20240214/eurusd-intraday-analysis-and-trading-plan-for-february-14-2024

A total of 8 losses and a win. I admit that EURUSD is my worst performing instrument. However, I like to continue tracking it for the sake of exercising my market insights’ skills.

Where the Euro against the Greenback now?

First, let’s re-assess the high timeframe candles:

Yearly Candle: Still a Red Candle with Short Tail Wick

Monthly Candle: Last check was an Inverted Red Hammer current is a Red Spinning Top

Weekly Candle: Last check was a Red Body current is a Red Long Lower Shadow

Daily Candle: Previous close is a Big Green Body current is a Red Shaven Bottom

The yearly remains bearish with fluctuating monthly and weekly candles suggesting choppy price actions where buyers buy support levels while the sellers sell the resistance levels.

I can see a developing bearish engulfing pattern for yesterday and today’s daily candles.

The bearish 4H FVG got completely retraced with price trading back above it. If I assume the bearish engulfing continues to end the week, the EURUSD is likely to trade choppy again.

After a fresh weekly/monthly swing lows on February 14, EURUSD buyers able to utilised the December 2023 external swing lows as support again althought the November 2023 pre-breakout consolidation area remains a viable threat by the bears.

For my trade plan this Friday, with the DXY found support 104.40 levels, I am going to short the EURUSD again once the bearish engulifing candles continue to manifest. Entering through the breaking down of 1.0750 and targeting a 100% retracement of the 4H FVG.

I set the stop loss just few pips above intraday’s high in case the bearish engulfing got nullified for a 1.15 risk:reward score only. I need this to be a winner.

For now, I need to see the outcome of this bearish engulfing candles along with the price got trade back above the previous bearish 4H FVG again.

Good luck and have a safe trading always.

EURUSD Intraday Analysis and Trading Plan For February 16, 2024

Feb 16 2024

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