It's no news that EURUSD market sentiments has shifted to bullish, however, before another impulsive or corrective wave could be witnessed, it is necessary for the pair to re-test a support - Between 1.09405 and 1.09795 level is in view
Everytime EURUSD touched the downtrend line, it keeps bouncing back. It has happened 4 times in the recent past on H4. One or two more time, the pair is likely to violate this trendline and commence another impulsive wave to the upside. However, the sentiment could change bearish if the uptrend line is broken and price can keep going down...
We see a bounce on good data earlier today, however the ECB remain keen to follow their dovish outlook on the EUR. We smell a rate cut in 2019!
Lets see what Draghi has to say at this evenings annual conference in Sintra!
Eyes still on Wednesday's FOMC meeting!
Follow us on Telegram: @AbilityTrading
Follow us on Instagram: @AbilityFXGroup & @AbilityFX_TradingResults
Price has been moving in an overall Downtrend (Daily POV), putting in a Low at 1.11097.
On 4HR we can see Price failing to close below the Low, bouncing off a Demand area/4HR OB - possibly indicating a bit of upside/whether it's to retrace/ orto clear highs?
Continue observing whether Lows are being respected/Highs are being taken to support this.
EURUSD - Still waiting for fibre to hit my weekly objective as shown with blue lines below. I will be looking for positions on Monday possibly to get in. Will see how USDX and fibre trades during the asian session for a possibly entry in London Session
price can run up to previous trendline support as well as confluence of previous support line which could potentially serve as resistance (1.074), and then continue further downside.
or price can run upto reclaimed OB, which has confluence with another previous support turned resistance (1.084) and run down to other previous support before taking off too 1.09...