Rajandran R Follow Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in)

EURUSD Forming W Pattern – Short term Outlook – FEB 2017

February 24, 2017 22 sec read

EURUSD Daily Charts

EURUSD is consolidating on the monthly and Weekly timeframe and negative sentiment prevail there. However on the Daily charts trading sentiment turned positive. Since the start of FEB 2017 EURUSD is in declining mode and so far twice EURUSD rallied from the intermediate lows formed around 1.0500 levels. It could act as a potential support zone in the upcoming day.

Shorter term expectation is formation of the W pattern with potential reversal towards 1.0800 reference.

EURUSD – 4 hour charts

On the 4 hour charts we has visual reference 1.0677, 1.0713, 1.0795 where markets are expected to spend some significant time at each reference before moving to the next reference.