Today we have the first ECB of 2020. Price at confirmed support and near trend line.
Dovish outlook from Lagarde would trigger short trade on the break of support and trend line.
Alternatively any hawkishness would make a bounce from here, though it is less probable.
This week the index broke and closed below the rising correctional movement
and we see a new lower low lower close.
Now bears will keep pushing the market lower.
The first zone from where we can expect a pullback is 96.4 - 96.8.
Pay close attention to this zone and watch the market reaction.
Greenback reached 98 mark and is starting to show signs of resistance on 4hr TF. On one hand could break through and work its way back up to 98.93 which we saw two weeks ago- move could be supported with positive CPI data that's scheduled to be issues later today. On the other hand growing recession fears, as signaled by the US 2-year-10-year Treasury yield curve...
Is EU telling us where it is going to be heading in the year coming? Looking at an On-Trend Continuation in the current area. 61 & 38 Confluence on the 1.15 Mantle, wicks out to the top, Previous Price Reversal Area, 3-4th Loose
hit on the Downtrend line, 100EMA floating across the top. Very nice set-up, possibly for the first half of the year.
Price broke out of consolidation, found support at mid range and bounced back up to either retest or head back up. I am favoring a drop to the downside for this trade due to multiple technical factors. The first target will be the most recent support zone.