Yesterday I said that my bias on EurUsd changed to bearish and spoke about a potential target of 1.18.
This target was reached just now and considering the strong support under 1.18 I expect a rebound. O the other hand the old 1.18-50-1.1860 resistance should be well defended by bears and here is where I will look for selling opportunities.
A potential target can...
GBPUSD and EURUSD tend to follow similar patterns as they correlate together
I am anticipating price testing hourly support before shooting off to a weekly resistance level
The 50MA will be tested and then price should bounce off of it.. I will look at the 15m chart for entry
With the drop of the GBPUSD the EURUSD will follow, the correlate quite nicely together and the GBPUSD usually moves first.
I see alot of divergence on the 4hr and daily timeframes which signals that a significate change in the market is coming, but before entry I will wait for price to break its trendline and support.
Then we will trade to the next level of support
I have a SELL STOP placed at 1.1000 on EURUSD with a STOP above at 1.1040 (40 pips) and a TAKE PROFIT at 1.0800 (200 pips) though will be adjusted if the trade fires depending on momentum.
There's a nice trend line just where we are now at market ( 1.0969) so price may not get to the SELL STOP so I'll be looking to SHORT if the BEARS enter the market early.
Price has been travelling inn an ascending channel marked out in black, price hit the top of the channel recently. We are expecting price to come down to retest the previous higher high to make a lower low at the bottom of the channel.Once price has hit the bottom we are expecting price to then go up to 1.13412 the next resistance point.
Here we have 2 charts of the same pairing and timeframe 1 is zoomed out so you can see how strong the support level is, and 1 is zoomed all the way in so you can see how the candles are acting around this level.
We don't really need to talk about the 1st chart because it is clear as day, The 2nd chart you can see that price has really struggled to break and close...
Looking at where price is there are a few levels that are jumping out.
The first area is the 1.17400 level, there was a strong move down from this level, looking left however there has been a lot more activity in this area which leads me to believe that although there could be a good opportunity here there is a better and untouched area at 1.19250 area.
The 1.12000 level has only just been touched and rejected so this could offer another area to get long. However the untouched area that would offer a better low risk chance of a turn would be down at the 1.10200 level.
The highest point offering great shorting opportunities is way up at the 1.22800 area
Price found the 1.14500 level this week as a hard area to push past, overtime price got to the level it found strong selling pressure.
For the most part price has been ranging between 1.1§300 and 1.14500
Two areas that I have got my eye on are firstly the lower Demand zone at 1.12200 when price found this area last, there was strong buying pressure and shows...
We have a triple top created on the EUR with great convergence with the RSI respecting a simple resistance at around 60% . If the triple top plays out and still fits my idea after market opening this evening, there is no reason this pair cannot fall to the 1.21500 supply area and further to 1.20711 support. Although we do have to take into consideration...
EURUSD Forecast and Technical Analysis Week of Nov 27th
Triggered by the FOMC Minutes, promising Eurozone Data and finally U.S. Markit Service and Manufacturing PMI which were below the market’s expectations; EURUSD ended week 1.19290.
Thursday’s minutes from the latest ECB policy meeting have prolonged this lead, revealing that policymakers broadly agree on the...
So I'm expecting EURUSD to fall to 1.18040 zone before heading back up to 1.18725 zone which aligns with the descending triangle and double top formation and the new downtrend line proceeding the head and shoulder pattern, this also aligns with the possible shoulder being completed...
So long story...