Hello traders,
After several months of a corrective rally, the USD is poised to resume its long term bear trend.
-1.2 Key level support being held by bulls: this level has an strong numeric phycology factor, it has been serving as pinpoint resistance and support for both sides. The moment EURUSD is staying above it, there will be bullish buy walls to defend, as we saw yesterday, a small dip below it and now a rally above.
-Monthly bull flag breakout and retest of multi-year trendline: this bull flag is probably the one with most eyes on, this can mean one in two things: there can be fomo and manipulation. The market will be very clear in a month or two from now, I'm already positioned.
-Monthly bounce on 13EMA: the 13EMA is a shorter version of the classic 21EMA for bull markets pullbacks on the weekly timeframe, therefore I expect this support to have bottomed the correction and gives a clear indication that the market is with high momentum to the upside.
-Possible Montlhly engolfing candle: April is usually a strong month for stocks and risk assets therefore time has shown us a depreciation in the DXY and therefore the Dollar as a whole, this has been coming true this year as well as the monthly candle is almost breaking the high and closing above the previous month.
-Bullish elliot wave count: as EURUSD was looking for a local low on the coronavirus flash crash, we saw already signs of THE bottom in price in early 2017, institutional traders are already bullish on the higher low higher high formation on the Weekly timeframe and have the same outlook for the years to come with all the confluences of an macro elliotwave up
-Technicals evidence that EURUSD is due for a massive uptrend breakout, therefore the DXY is about to resume its bear trend
-The fibonacci retracement levels respected by the pair are highly corralated to a impulsive wave to the extensions, targets for the next impulse with multiple resistance factors are: 1.32-1.42
Keep your risk managed,
Cryptofunded (Mariano)
After several months of a corrective rally, the USD is poised to resume its long term bear trend.
-1.2 Key level support being held by bulls: this level has an strong numeric phycology factor, it has been serving as pinpoint resistance and support for both sides. The moment EURUSD is staying above it, there will be bullish buy walls to defend, as we saw yesterday, a small dip below it and now a rally above.
-Monthly bull flag breakout and retest of multi-year trendline: this bull flag is probably the one with most eyes on, this can mean one in two things: there can be fomo and manipulation. The market will be very clear in a month or two from now, I'm already positioned.
-Monthly bounce on 13EMA: the 13EMA is a shorter version of the classic 21EMA for bull markets pullbacks on the weekly timeframe, therefore I expect this support to have bottomed the correction and gives a clear indication that the market is with high momentum to the upside.
-Possible Montlhly engolfing candle: April is usually a strong month for stocks and risk assets therefore time has shown us a depreciation in the DXY and therefore the Dollar as a whole, this has been coming true this year as well as the monthly candle is almost breaking the high and closing above the previous month.
-Bullish elliot wave count: as EURUSD was looking for a local low on the coronavirus flash crash, we saw already signs of THE bottom in price in early 2017, institutional traders are already bullish on the higher low higher high formation on the Weekly timeframe and have the same outlook for the years to come with all the confluences of an macro elliotwave up
-Technicals evidence that EURUSD is due for a massive uptrend breakout, therefore the DXY is about to resume its bear trend
-The fibonacci retracement levels respected by the pair are highly corralated to a impulsive wave to the extensions, targets for the next impulse with multiple resistance factors are: 1.32-1.42
Keep your risk managed,
Cryptofunded (Mariano)