We have had the break and retest with immediate rejection of the trendline here as shown which lined up nicely with a former swing low point.
However, we have failed to go ahead and make a new lower low. I would look to see how price reacts around the most recent high and make a decision on my bias from there.
With US Core Retail Sales m/m and Retail Sales m/m this week, these could mean some strength for the USD and price could break through the current support, however this looks to be a level where Buyers are waiting for a quick drop to get into the market to go long, perhaps the Euro data for Final CPI y/y may have some effect by mid week.
The euro continues to advance above the 1.1600 level in early Monday trading, as the US dollar index remains under heavy selling pressure failing to hold price above the 95.00 level.
The EURUSD found resistance from the 1.1674 level on Friday, although the pair remains a buy on any dips-lower while trading above the 1.1616 level.
EURUSD traders now look to the...
Downtrend in EURUSD shifting into sideways range- could resolve either way with potential double bottom
Wait for larger move higher to short the market in line with the longer term downtrend
1.172 is a S/R pivot and the 61.8% Fib of the drop from June 14
Wait for drop back towards possible double bottom support for lower-risk counter-trend...
Eurusd - H4 timeframe - I see an excellent buying oppurtunity for this pair at current levels. I entered this trade around 1.2380s with stops below 1.2320 and tp 1.26. Decent risk to reward ratio of over 3:1.
Looking at the weekly chart, EUR/USD is currently hitting some strong resistance. It is tapping previous support from 2010 & 2012. The last time it was above 1.22 was the end of 2014. It been in a downtrend on the weekly timeframe since hitting highs of 1.60 in 2008 and has been unable to get out of since, that was 10 years ago......... I do believe there could be...
Will wait to see how the markets open and watch Price action, Would be looking for this to break that trendline and pull back for a retest before entering long. This would also match up with my Bearish Bias for the USD (See my related ideas post)
This cypher pattern is right on the sweet spot to enter! I have been following this cypher pattern from the B-C leg and I banked some pips from it then, now its time to take the cream from the top! 1-1 risk reward with positive carry fees.... What's more to love?