Based off fundamentals and apparent momentum in the market, my bias remains as bearish for the EurUsd currency pair. The Monthly candle has reteaced nearly all of it's gains as we come to a close in 2 days. The the top wick signals rejection from the high of the Monthly resistance to me (1.103). This coincided with Jobs data and Increasing inflation data and the last few weeks we have observed bearish momentum in the market. Yes this week so far we have recieved some buying pressure off the 1.0805 daily support level. Although with GDP data forecasted to remain unchanged tomorrow and Housing data expected to grow for the U.S. economy, I can observe more potnetial USD strength to end the March Monthly candle. First target is 1.0805 retest of the Daily support level, then 1.08 4hr zone and ultimately 1.0768 weekly level
Comment:
Did anyone catch the London session selloff as called out here 🙂? , we didnt quite reach our target 1.07667 weekly level but got pretty close (1.07754) the 4hr closed back inside the range above 1.0805 Daily level. This is interesting because it technically suggests a fakeout back to the upside. Although, considering the USD data in 30 minutes (7am PST & 10amEST housing data/consumer sentiment news) is forecasted to be positive for the USD It's possible this move back up may just be a last retest before more downside. if not then we may reject the support level(daily 1.0805) and head back up
Comment:
13 hours ago " Although, considering the USD data in 30 minutes (7am PST & 10amEST housing data/consumer sentiment news) is forecasted to be positive for the USD It's possible this move back up may just be a last retest before more downside."
