EURUSD appears some more downside is inbound. Price is struggling to break higher and daily timeframe shows some nice resistance forming at this level.
1hr bullish TL is now broken and price is below daily pivot. I am looking to short down to the 1.1200 level where the 4hr/daily TL is for a retest.
Long term I am bullish but a pullback south is due first
I previously marked up a bullish opportunity and i have attached the analysis below. Since then, price traded higher and has retraced into what i would see as a flat correction. From this point on, price has the potential to move bearish toward our take profit at 0.70752
The stop loss has been placed at 0.69010 creating an opportunity with a 1:2 risk to reward...
We might feel that as the 30min chart is bit weakening in the EURUSD counter part ,it might come down.
It is not the actual case!
The price may bit come down until 1.13200 below to this there is no down as of now possible.
EURUSD has stong up line hence after this point reversal price will quickly jump to reach 1.3500 and 1.3600 level.
Why is EURUSD correcting lower after such an impulsive breakout?
Firstly, we have nothing in the way of major economic releases or ‘news bombs’ to send the major currency pair in either direction.
After an aggressive turnaround in stocks, we have seen the market relatively flat this week as we consolidate...
Back into the market after a long weekend in both U.K. and U.S. and we are looking at the continued downtrend of Euro versus US dollar.
A series of lower highs continues to form with support around 1.11 area providing a short opportunity of 90 pips. We also have the formation of an Evening star candle or tweezer top if looking on longer time...
What are we expecting from this pairing this week...
We can see price was respecting a lovely trend line for around 6 weeks, price recently made a bullish run and broke out of this trend line, what we are expecting to happen is price coming back down to respect this trend line and then pushing higher to reach our resistance zone ( green box )
You can also see...
It is very simple EURUSD chart based on LBLS indicator.
As per this chart the price for week time will be between the channels marked.
To go up or down it must first break the channel .After many days the price has now become Bullish and this trend will continue for sometime.
We are looking at the setup on Euro versus US dollar with the pair having run up over 200 pips since last Tuesday and now looking overbought short term as it reaches resistance levels just short of 1.14. We are therefore looking for Euro to pull back lower and retest support levels in low 1.13 area
We have highlighted both overbought levels...