EUR/USD weekly price analysis based on traders behaviour
EUR is a currency of the european nation while USD is a currency of USA country . These currencies are used by local of each nation to conduct their daily transactions as well as by foreign to determine the pricing of different product which are then converted to their local pricing. On Monday the 10th of August, one EUR started trading at around 1.1800. The price was able to fall as low as 1.1720 on Tuesday but rose again to around 1.1810 On Wednesday the same week.On Wednesday the same day,the price falls again to around 1.1710. The price rises on Thursday to around 1.1820.This market movement is as a result of traders behaviour which is being explained as from below;
EUR/USD currency is a stable paired currency and is thus being well tradeable by different traders from all over the world. Both buyers as well as sellers can easily profit from its upward and downwards movement. When the market is moving upwards, that is an indication that those traders holding their long positions are fewer in numbers than those holding their short positions . On the other hand, when the market is trending downward, that is an indication that those traders holding their short positions are fewer in numbers than those holding their long positions. Therefore, we can say that the market moves in direction where few traders are so that it profits with them and makes many traders make some losses. Since there is possibility of the market to be in bullish condition the whole of the week, it can therefore be explained as from below;
1. EUR/USD bullish price analysis based on traders behaviour.
In a bullish market,the EUR/USD market will be moving in an upwards direction. On Monday the 10th of August, one EUR started trading at around $1.1800. On Tuesday the same week, the price falls to around 1.1720 but later rises again to around $1.1810 on Wednesday the same week. On the same day,the price falls again to around 1.1710 but later rises to 1.1820 on Thursday the same week.This market movement is being indicated as from the candle sticks chart below;
The above is the market for EUR/USD. Four points are being indicated. There is A,B and C. Before A, the market can be seen to be trending in a downwards direction all the way to around 1.1720 from its previous high of around 1.1800. This downwards market movement has been as a result of the number of traders holding their long positions being more than those holding their short positions. This causes the market to experience a downwards market pressure . At 1.1720, there are many traders placing their sell positions hoping that the market will continue moving downward. This causes the number of sell positions to again exceed the number of buy positions thus the market gain support and start moving upwards to point A at around 1.1810. At point A, there are more traders again who are closing their sell positions and beginning to open a buy positions in the hope that the market will continue moving upwards. This causes the market to resist moving upwards and reverse and start moving downward all the way to point B at around 1.1710. At point B, there are more sellers again placing their sell posistions in the hope that the market will continue moving downwards. This causes the market to again gain an upward market pressure where it moves upward to point C at around 1.1820. At point C,the traders are placing some buy position hoping that the market will continue moving upwards. This causes the market to resist moving upward and slightly moves downwards to 1.1790. The sellers are again entering the market thus the market is starting to move upwards towards above point C. This might continue if the sellers continue placing their sell order. The market might continue moving upwards all the way to around 1.1920 after which it will become bearish again. You can continue holding your buy position but with a good strategy and risk management.
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