EURUSD is inching closer to re-testing 2023 highs after a spectacular bullish month of August!

While I still have an active trade, I like to add a new one:

https://www.finlogix.com/analysis/20240222/eurusd-intraday-analysis-and-trading-plan-for-february-22-2024

The overall standing record is 1 win and 11 losses.

There are 4 upcoming high-impact economic reports in the US and 2 in Europe this week.

Re-assessing the EURUSD’s high timeframe candles:

Yearly Candle: Last check is a Small Red Hammer now a Green Long Lower Shadow

Monthly Candle: Previous close is a Green Long Upper Shadow current is a Green Body with a Longer Tail Wick

Weekly Candle: Previous close is a Green Body with a Longer Head Wick current is a Red Semi-Doji

Daily Candle: Previous close is a Red Spinning Top with a Longer Head Wick current is a Green Body with a Longer Head Wick

The Euro has turned its tables against the dominant US dollar after a convincing rally in late August!

The corrective down wave in the July 17 swing high to the August 1 swing low is the key suspect in sending the major pair higher.

This will be my retracements’ points of view in today’s analysis, especially the bullish fib extension levels.

However, looking at the current 4H wave structure, EURUSD is in an impulsive up wave after holding this year’s low last April.

With the 2024 higher low trendline remaining intact, nothing’s going to stop the EURUSD bulls from marching up.

Based on the retracement points, the bullish 1.618 fib extension level was successfully broken through and the previous swing high became a new higher support already.

The next key level will be the bullish 2.618 fib extension after a possible drop of the current levels first.

Through this, I lay out a new long order with a 1.67 RRR only:

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top-tier banks via ACY Connect.

All trade ideas I share are my views and for my trades only.

EURUSD Intraday Analysis and Trading Plan for August 27, 2024

Aug 27 2024

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