EURUSD POSTION UPDATE
Every time the D/1 MA50 is tested (and marginally broken), EURUSD reverses. The D/1 pattern is a Channel Down (MACD: -0.002, ADX: 14.618) with the 1st Support set at 1.0780 and Lower Low extension (last time failed to make a Lower Low though) at 1.0680. A lot of market movers to take into account tomorrow: German ZEW Economic Sentiment, U.S. Building Permits and Powell's Testimony.
RE-ENTRY PRICE : 1.0920
SL : 1.0960
TP : 1.0780
Every time the D/1 MA50 is tested (and marginally broken), EURUSD reverses. The D/1 pattern is a Channel Down (MACD: -0.002, ADX: 14.618) with the 1st Support set at 1.0780 and Lower Low extension (last time failed to make a Lower Low though) at 1.0680. A lot of market movers to take into account tomorrow: German ZEW Economic Sentiment, U.S. Building Permits and Powell's Testimony.
RE-ENTRY PRICE : 1.0920
SL : 1.0960
TP : 1.0780
Comment:
#EURUSD Update no surprises thus far as today's D/1 candle is consolidating after the earlier top, as expected. Keep in mind the resemblance with the April 30th-May 1st candle sequence I mentioned on my previous post and you will have a slight idea of tomorrow's opening which has more chances to be bearish. D/1 remains a Channel Down (RSI = 55.602, MACD = -0.001, ADX = 16.617) with the MA200 acting as a Resistance but the price has to make a new Lower Low below 1.0730 in order to keep the formation valid, as May 7th was a Higher Low
