So we have just bounced off a weekly resistance point creating a new higher low which is the first sign of shorting this currency pair. Secondly we have a nice engulfing candle which has closed on the breakout of a trendline. Thirdly we have got our first crossover with the MA's. the first initial target should be the monthly support line (RED)
Confirmation was on the higher time frames but a pin point entry was taken.
The previous Daily trend line was broken then we saw price retrace giving traders a great opportunity to sell.
Indecision has been evident on "4H" as we can see on the smaller time frame we can potentially see a break out to the down side
Draghi: Our Measures Are Working, Creating Jobs
Draghi: Our Measures Ensure Recovery that Will Ultimately Benefit German Savers, Pensioners
Draghi: We Take German Concerns Seriously
Draghi: Economic Policies are Essential to Complement our Monetary Policy
Draghi: Price Stability Doesn't Mean Inflation of 0%
Draghi: We Need to Act When Inflation Is...
1) BEARISH CHANNEL
2) LOWER HIGHS
3) TESTING UPPER CHANNEL / RESISTANCE
4) HIGH TEST BAR ( PRICE ACTION)
Expecting a rally down to 112.502
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1) A failed head and shoulders pattern @ key daily resistance @ 0.86002
2) Price has broken the 0.86002 zone + counter trend line
3) Expecting a pull back from the H4 Resistance zone @ 0.86919 zone. ( opportunity for short term shorts)
and retest of the counter trend line + now support zone @ 0.86002
for longs towards 0.87315.
4) Upside target @ 0.87315 @ daily...
1) Expecting a pull back into Daily resistance zone @ 113.847
2) If Daily resistance zone @ 113.847 holds
+ break of trend line expecting shorts to lower bounds of the range @ 112.35
3) Downside target ~ Support zone @ 112.354
4) if downside target @ @ 112.354
is achieved and broken will watch price action in this zone for further shorts towards 110.939 zone
Traders - do not be fooled, the recent bearish movement of eur/nzd is purely a retracement following the pair's 2015 move - classic bull flag stuff. On daily chart, the pair closed above the falling trendline that has been in force since mid July, signalling further bullish action for the pair.
I suggest longing upon retest of falling trendline following...
EURCAD tested resistance above twice and finally came down with a weak candle. Look for downside breakout around yesterday's low, the target is around 1.4520. Be careful about the 100% fib extension at 1.4580.
ECB ECONOMIC BULLETIN:
-Economic Recovery In The Euro Area Is Continuing
-Moderate Global Growth Continued In The First Half Of 2016
-Governing Council Expects The Economic Recovery To Proceed At A Moderate But Steady Pace
-Annual Real GDP Expected To Increase By 1.7% In 2016, By 1.6% In 2017 And By 1.6% In 2018
-Annual HICP Inflation Seen At 0.2% In 2016, 1.2%...
The "Euro" put in a Shooting Star candlestick on a test of resistance against the British Pound.
We could possibly be looking at a bearish move.hinting a turn lower may be ahead. A reversal here may give us a right shoulder with will then proceed to give u a "Head & Shoulders" formation which began from around late June. The current setup that is shown is a simple...
1. Based on the last 16yrs of daily close data (since 01/01/2000 to date) EURNZD has a cumulative probability of a =>6th day lower at 0.5%, hence there is a implied 99.5% chance of reversal on the daily.
2. Also we see the Z-Score for, Monthly, 3m and 2wk all above 1SD.
3. Fundamentally I also like being long EUR given the ECBs new more neutral...
Among the ECB speakers due out over the coming days, President Mario Draghi’s will have the most impact this coming Thursday. Last week we seen this pair basically move sideways, with no direction and then finally broke out to the downside. Overall I am bearish on this pair, during the London open we seen this price retest the "1.1200" area, which allows those...