As expected and mentioned in the previous EURUSD forecast, the EURO has broken the monthly highs, and it’s rallying much higher. Read the previous EURUSD forecast for a more detailed supply and demand technical analysis.
Monthly highs have been broken. EURUSD has a clear weekly uptrend after breaking all resistance, monthly highs and weekly highs. A very strong weekly demand level has been created much lower, around 1.1296. Take a look at EUR/USD weekly timeframe analysis below. Every candlestick represents a week of time. There is a clear bullish bias on EURUSD.
This is the kind of price action technical analysis you will learn in our trading community. You will learn how to locate new supply and demand imbalances and trade without using any indicators, no news, no fundamental analysis, no earnings announcements, no volume or VSA analysis. Just supply and demand imbalances.
Trading supply and demand imbalances are ideal for beginners and those with a full or half-time job. You won’t need to stay in front of the computer all day long trying to move price action with your mind.
As supply and demand traders, we do not need to pay attention to the news, fundamentals or any earnings reports. Once a big timeframe imbalance has gained control, earnings do just the opposite and react strongly to those imbalances. Why is it that you see positive earnings, and then the underlying stock drops like a rock, or a negative earnings announcement and the stock rallies like a rocket out of control? You are probably missing the fact that there are big imbalances in gaining control.
Unless you are doing very short-term trading and scalping, you should not worry about fundamentals or earnings announcements.
You can use these imbalances to plan your trades in lower timeframes. Trading is just waiting for the right trigger points and scenarios to present themselves, this game has got a name and it’s called the waiting game. We need to patiently wait for the correct scenarios and setups to happen and wait for the price to pull back or dip into the price levels we want to trade, in our case these price levels are made of supply and demand imbalances.
Join our supply and demand Forex trading course to learn how to use our supply and demand trading strategy.
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