Vladimir Ribakov analyzes EUR/USD showing a bearish MACD divergence and price riding the upper Bollinger Band for over 20 candles. He plans to sell rallies targeting the lower Bollinger Band, with RSI near oversold levels suggesting limited buying pressure.
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Hello traders, how are you? Vladimir here from Home Trader Club, and in this video I want to share with you my analysis and following trading plan on the euro dollar. Ready? Let's begin. Before the chart, big thanks to 8K Broker for supporting me and my community. And to enjoy all the special offers we have thanks to Etica Broker, please follow up with the link below this video in the description. So in one of my recent videos, I published my view on the euro dollar that as soon as we enter the zone of 110, maybe slightly higher, right here on this key supply zone, we could expect the euro dollar to push it to the downside. And here is what we were following. What we wanted to see is the euro making this high and complete bearish divergence. Higher highs on the chart, lower highs on the MACD indicator would be a great indication that sales are coming. So the biggest question is, okay, what's now? As the 1.10 was reached, was respected, was rejected, and the bearish divergence was completed. So I believe that we are in a corrective structure, and for me, sell any rallies would remain the trading plan. If we drop to the 1-hour chart, the classical scenario here, the following price structure, is that the 4-hour bearish divergence followed by the 1-hour chart making this sequence of lower highs, lower lows. Right now we are in previously broken resistance that becomes support, and this low right here, it's a zone of demand. A lot of buyers are here. If you pay attention to the RSI, it's very close to oversold conditions. Note, this is the last day of the month. Sell-off makes absolute sense, right? And there is a great chance that at the beginning of the new month, the market will try to make any pullback. Will that be significant to, to change the current momentum? I don't think so. Therefore, for me, is sell the rallies for further move down and to complete the corrective trading structure. If the analysis is correct, then the current situation on the daily chart with this beautiful Bollinger Band where we are riding for more than 20 candles on the upper Bollinger Band It should bring the price down to the opposite Bollinger Band. Last time it happened is was right here, and we all remember what happened since. And before that, the ride on the upper Bollinger Band was here, and again the drop happened significantly. So from my point of view, there is more to come down to the opposite Bollinger Band, or at least to the previously created low on the downtrend. The areas of Demand and this resistance, which will behave as a support. Everything here lands up in the same zone. Therefore, sell the rallies remains my plan. What would be your view on the euro dollar? You think the bears are here to take control and to push it lower, or was that just a little pullback before the rallies and new highs would be achieved? Let me know what do you think in the comment section below this video. Thanks for your time watching this video. I hope you find value in it, and please, if you do, don't forget to hit the like button. If you're new to this channel, consider to subscribe to our channel with the subscribe button below this video. And I want to invite you to our trading family, the Home Trader Club, where you will enjoy full access to the trading courses, the real-time trading opportunities, real-time trading education, the community, and so much more. Join our family with the link below this video in the description. Meanwhile, best to you and yours. I'll see you soon with more. Good trading. Bye for now. Bye.
