Hello Traders, the March Monthly candle has closed bearish with a large top wick which looks to have rejected the top of our Monthly range at 1.1028. We now have 3 Monthly candle closing bearish consecutively which suggest more downside on EurUsd possible as we enter Q2, 2024. The top wick on the March monthly candle looks like a fresh liquidity grab for a push towards our monthly support level 1.057 in April. Our first stop will be the February monthly candle low price ( 1.695).
Strong Jobs data in March and increasing Inflation readings suggest continued uncertainty surrounding the Fed's ability to get a handle on the market. In the meantime we can observe USD strength Q1 ,2024 and this may continue as we enter Q2. Anything can happen in the markets and it's important that we always remain flexible in our approach and strategy for profiting from the markets. In the short term, our key levels of interest are Daily Resistance level created last week 1.08373. Another key level being the level that we mentioned multiple times last week, 1.0765 weekly support level. The Friday daily candle (march 29th) reacted off here and closed bullish. The next key level is 1.07105 Daily Support Level.
Monthly
Weekly
Daily
Strong Jobs data in March and increasing Inflation readings suggest continued uncertainty surrounding the Fed's ability to get a handle on the market. In the meantime we can observe USD strength Q1 ,2024 and this may continue as we enter Q2. Anything can happen in the markets and it's important that we always remain flexible in our approach and strategy for profiting from the markets. In the short term, our key levels of interest are Daily Resistance level created last week 1.08373. Another key level being the level that we mentioned multiple times last week, 1.0765 weekly support level. The Friday daily candle (march 29th) reacted off here and closed bullish. The next key level is 1.07105 Daily Support Level.
Monthly
Comment:
Moving bearish as anticipated down to the 4hr support level 1.07765 created late last week. If price cannot hold here during NY then we 1.0765 weekly zone is next
Comment:
these are some of the 4hr zones, along with the weekly zone that are my sell targets for this week. if price cannot sustain below 1.0765 by Wednesday, then I can see NFP data on Friday wanting to help us retrace back to the upside on EurUsd.. Otherwise Bearish bias based off technicals/fundamentals. We can see the 4hr candle just closed below 1.0784 4hr support zone created during Asian session yesterday. we may keep going down with bearish momentum towards 1.07765 and 1.0765.
Comment:
our bias is playing out, you can observe our 4hr zones as potential take profit areas.. 1.07458 and 1.0726.. and lastly 1.07105 daily level. holding to the weekly level you can do as well but keep in mind holding through pullbacks.. Safe trading
