EURCNH daily chart is consolidating and has formed a new higher low. This higher low can be connected with a trendline to create a support trendline. The price is currently approaching this support trendline, and there is a chance for a bullish bounce or rebound from support line.
Past analysis :
The EuroStoxx 50 index is up 0.39%, the FTSEurofirst 300 is stable and the Stoxx 600 gains 0.2%.
The main European stock markets are moving without a clear trend at the start of Monday's session in a context of caution at the start of a week which will be marked by the highly anticipated US inflation figure and the mid-term elections in the...
the Renminbi has been very strong against the Euro throughout the year. I expect a reversal as PBOC announces new monetary easing policies every day while ECB becomes increasingly hawkish.
As we see on the chart, the pair is going to retest a very interesting confluence area - a bearish trend on daily and H4, mirror level broken and soon will be retested, bearish trendline with many touches, and also a possible break and retest of a bullish counter trendline. Also, we have a clear impulse and nice correction to the mirror level.
Risk Management is...
Ok reaching pro level market psychology and price action is supreme. I’m able to quickly forecast a pair with out any tools
Let’s look at what we see
Bearish sale with a bullish channel
Now psychology what this means is that a balance is taking place. The market need bull in the game for the bears to cont to sell so. We see the bulls buying up but the big...
*cup + handle pattern
*look good for long if closes and sustains above 8.2432
*Stop-loss and targets are mentioned in charts itself
Thanks for reading!
Just a placeholder for now, since I'm not sure if there will be another high here - in this case, I'll have to adjust second Fibonacci and yellow line. Let's see how it will behave in the next week.
(inspired by @ridethepig idea: )
Daily chart:
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
Here we go for a round of important chart update on the FX, Commodity and Equity board... I do not subscribe to the idea of this being the start of the euro reserve currency rally which we were tracking earlier in the year that failed from the Coronavirus short-circuit, although it is certainly moving with speed. Remember we have month end flows in play now too...
Double Top on the Weekly, Large RSI divergence, Right shoulder is looking like it will be a .618 retracement. Will go short at that level based off price action...
