The last post I posted about EURUSD I explained I was waiting for price to come up to my Daily Resistance to take a short. We did sharply rally through this level however it was followed by a sharp decline back down below that daily resistance.
I am currently in a short at 1.10394 and I will be looking at taking some of my position off at support level 1.09753...
Bears have dominated over the week, but going into the w/c 9th Sept 19 we could see bulls coming back into play as we have major support at 0.89682 - 0.8931 which we are ranging between now although we are yet to test the 0.8931 level where we could finally see those bulls come into play. However if bulls don't show signs of holding up this level bears will push...
Price has approached weekly resistance and is rejecting, this is over a 1:4 risk/reward ratio. Clean and simple. Drop your telegram username in the comments to be added to a free group chat for 1 week's worth of free trades and analysis.
Bulls had their turn in the market coming off weekly support at 1.09359.
The market is now coming up to Hourly resistance at 1.10382 the market could reject this price however for a better risk to reward I will be waiting to see if we get rejection off the Daily resistance zone 1.10518 - 1.10657. If price does respect this level we could see a massive sell off...
the downwards trend line was broken for the first time after a bounce from the daily support line, new upward trend lines are forming. The line was last attempted back in Jan 2017 with the start of brexit. it wasn't broken and i don't think it will be regardless of a no deal brexit.
INTERESTING SET UP FOR UPCOMING WEEK
- PRICE CURRENTLY AT A NICE ROUND NUMBER 1.93700
- PRICE BROKE THROUGH BEFORE, RETESTED AND THEN SOLD OFF
- CURRENTLY AT A SECOND RETEST
- SYMETRICAL TRIANGLE FORMED ON THIS LEVEL A,B,C,D,E PATTERN
- HAD A CONSOLIDATION PHASE JUST BEFORE THE TRIANGLE, SHOWING SIGNS OF WEAKNESS IN THE UPTREND
- 3 WICKED REJECTION CANDLES ON DAILY CHART
The lack of major developments surrounding the US-China trade conflict and the subdued trading action didn't allow the pair to make a decisive move in either direction following that drop, forcing it to move sideways near mid-0.67s. However a positive reports Australian Bureau of Statistics forecast today can attract buyers. FOMC members Barkin and Daly will speak later.
- DAILY CHART, PRICE FAKED OUT, BIG BEARISH CANDLE CAME AND CLOSED BELOW 0.98100 LEVEL
- 4 HOUR CHART, PRICE PULLED BACK TO 61.8% FIB LEVEL WITH 0.98100 LEVEL SUPPORTING, NICE REJECTION FROM THIS LEVEL ALSO
- 1 HOUR CHART, DOUBLR TOP FORMED, LOWER HIGH ALSO FORMED, PRICE TO MAKE ANOTHER LEG DOWN TO 4 HOUR SUPPORT LEVEL 0.97000