EURUSD Weekly View

[topchess]

Hello,

EURUSD looks to be in correction move from 1.3363 8 Dec swing high. Support is down to 1.3052 weekly low, resistance is up to 1.3290 weekly high.

Below 1.3052, support is down to 1.3030 which marks the 38.2% fibonacci of 1.2482-1.3363 rally. An important level to watch if 1.3052 weekly low gives up.

SHORT
A violation of 1.3030 fibonacci support, followed by 1.3000 psychological and moreover 1.2980 will lead to more downside pressure towards 1.2920-30 area which contains 23 Nov low, and also marks the 50% fibonacci of recent rally. If that's violated look to the 1.276 area weekly low.

LONG
However, a clearance of 1.3290 thereafter 1.3300 psychological will confirm a resumption of the uptrend and should target 1.3363, then 1.3481 and 1.3667

OVERALL
38.2 fib should remain intact, together with 1.2980-1.3000 to stop and reverse the bias to upside again. however a break thru 1.3244, then 1.3290 will signal that correction is over, and uptrend is resuming.

Good luck !

[topgun]

Nice analysis. It also looks like an inverted head & shoulders pattern in which it broke the neckline and shot up 35 pips

Originally Posted by topchess

Hello,

EURUSD looks to be in correction move from 1.3363 8 Dec swing high. Support is down to 1.3052 weekly low, resistance is up to 1.3290 weekly high.

Below 1.3052, support is down to 1.3030 which marks the 38.2% fibonacci of 1.2482-1.3363 rally. An important level to watch if 1.3052 weekly low gives up.

SHORT
A violation of 1.3030 fibonacci support, followed by 1.3000 psychological and moreover 1.2980 will lead to more downside pressure towards 1.2920-30 area which contains 23 Nov low, and also marks the 50% fibonacci of recent rally. If that's violated look to the 1.276 area weekly low.

LONG
However, a clearance of 1.3290 thereafter 1.3300 psychological will confirm a resumption of the uptrend and should target 1.3363, then 1.3481 and 1.3667

OVERALL
38.2 fib should remain intact, together with 1.2980-1.3000 to stop and reverse the bias to upside again. however a break thru 1.3244, then 1.3290 will signal that correction is over, and uptrend is resuming.

Good luck !

[topchess]

The inverted hammer of 27 Dec could just be the start?
I mean the start of fresh rounds of euro buying. I believe if we broke thru 1.3300 again, the level will be in history. and focus will be shifted to 1.3478/83

[topchess]

Price Alert!

1.3286 to 1.3290 resistance was tested nearby. On a successful break add to longs @ 1.3305 with a target near 1.3363.

1.3363 remains the Weekly headache resistance, a break thru the latter will open up 1.3480 Weekly highs ahead of 1.3667.

Good luck!

[topchess]

1-Week chart update:

NFP coming.. please be careful

Technical note, a break below 1.3030 fib support is required to turn the bias down, towards 1.3000 psychological and 1.2979 break level. I would not recommend turning your medium term trade to short until we break 1.2979.

On other hand, a break above 1.3300 is now needed to confirm a resumption of the general uptrend.

There is no intraday idea, be careful with the news release.