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EUR/USD – Bottom pattern in 4 hours chart

Tuesday, January 10, 2017 11:02
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(Before It's News)

eur-usdTrend is bearish in EUR/USD currency pair, four hour time frame. As I have suggested past week during my daily Live trading room session, market is rising up on a short term basis to complete possible Ending Diagonal Elliott Wave pattern in 4 hour time frame and traders should avoid taking a sell trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has ascended. Strong key resistance level is present at 1.0654 price level.

Be sure to check out daily Forex market updates via Live Trading Room. In my opinion, price action in EUR/USD is probably trying to print a bottoming pattern known as Ending Diagonal. So, caution is required to sell at the market because price action might reverse back up and we may see a short term bullish trend in EUR/USD 4 hours chart.

For sellers, a good idea is to first wait for the price action to print a new low before going short in EUR/USD currency pair. However; if price of EUR/USD currency pair breaks above 1.0654 critical resistance level then I might like to stay out of the market and re-examine the four hours chart of EUR/USD currency pair.

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