Slightly disappointing NFP to the market. I think the Euro wont advance too much.
The EUR/USD did not react much to the US data published today. I expect it to continue trading to the upside with first bull target at 1.2386.
The Euro seems to be aiming higher. I’m looking to go short at 1.2570.
For the second week, the price is in a range of 100 pips between 1.2395 and 1.2299. Expectations remain neutral, probably with slight downward signals. Clear break and daily / weekly closure below 1.2299 will open the doors to the important 1.2175 support. On the upside, short-term resistance is seen at 1.2395 - 1.2413.
Pound / dollar continued its inertia down yesterday with a bottom of 1.4068. Trade signals remain down for testing at 1.3960 as part of the bears’ phase after the false breakthrough over the key resistance of 1.4275. The intraday resistance is 1.4150, whose breakthrough can take the price to a neutral trading area. But the longer the pair remains below 1.4275, I prefer the short-term scenario at this stage. Downwards, a clear break and a daily / weekly closing below 1.3960 will take the price of 1.3710 next week.
EUR/USD
Key levels to watch for:
Support: 1.2348; 1.2295; 1.2215;
Resistance: 1.2393; 1.2475;
GBP/USD
Key levels to watch for:
Support: 1.3842; 1.3956; 1.4021
Resistance: 1.4280; 1.4344; 1.4405;
EURUSD Elliott Wave View: Still Trading Sideways
Short-term EURUSD Elliott Wave view suggests that the pair remains in a sideways triangle range between 1.2554 and 1.2153 levels as mentioned in the previous post here. Until we break out of the range, we look for the sideways price action to continue. Triangle doesn’t have any particular trend, but it is generally a continuation pattern, thus the pair likely thrust higher to continue the previous bullish trend after the sideways action is over. If we take a look at the previous cycle from January 2017 low. The pair shows a higher high sequence thus the pair is favored to trade higher once triangle consolidation is complete. It’s important to note that the Triangle is labeled as A,B,C,D,E.
Currently, we can be in the final stage of triangle structure in Cycle degree wave IV where the decline to 1.2214 low ended Primary wave (©) of IV. Above from there, wave ((D)) of IV ended at 1.2414 high. The internals of primary wave ((D)) is unfolding as zigzag Elliott Wave structure where Intermediate wave (A) ended at 1.2396. Afterwards, Intermediate wave (B) pullback ended at 1.2298 low and Intermediate wave © of ((D)) ended at 1.2414 high. Down from there, Primary wave ((E)) of IV remains in progress as double three Elliott Wave structure looking to end Intermediate wave (W) of ((E)) in 3 swings at 1.2320-1.2301 100%-123.6% Fibonacci extension area of Minor A-B. Pair should then correct in Intermediate wave (X) of ((E)) and ideally fail below 1.2414 for another extension lower before a thrust higher is seen. We don’t like selling the pair.
EURUSD Elliott Wave 1 Hour Chart
1 Like
The EUR/USD pair broke the support at 1.23 which also coincides with the 50SMA. I’m expecting more downfall.
USDX Elliott Wave View: Extending Higher As Impulse
USDX Elliott Wave view in short-term cycle suggests that the decline to 89.22 ended Intermediate wave (B) as Elliott Wave Zigzag correction. Above from there, Intermediate wave © remains in progress as Elliott Wave Impulsive sequence with extension looking for further extension higher. The internal distribution of each leg consists of 5 waves structure with extension in the third wave thus we favor the structure to be an impulsive sequence.
Up from 89.22 low, Minor wave 1 of © ended in 5 waves at 89.66, Minor wave 2 ended as a Flat at 89.45 low. Then above from there Minor wave 3 remains in progress. The internal of Minor wave 3 is unfolding as an Impulse Elliott Wave sequence with extension where Minute wave ((i)) ended at 89.72, Minute wave ((ii)) ended at 89.51, Minute wave ((iii)) ended at 90.47 high, and Minute wave ((iv)) ended at 90.21 low. Above from there, Minute wave ((v)) of 3 remains in progress looking to extend higher 1 more push towards 91.17 – 91.40 area approximately to end 5 waves in Minor wave 3. Afterwards, the index should do a Minor wave 4 pullback in 3, 7 or 11 swings before further upside is seen. We don’t like selling it into a proposed pullback.
USDX Elliott Wave 1 Hour Chart
The euro fell against the dollar on Wednesday. The single currency continued the negative trend of last week and went back to the low levels. As a result, support at 1.2161 was broken. If the bearish mood continues, the level at 1.2130 will be tested. The session started at 1.2231 and the euro lost 72 pips to the final. The lowest day value coincided with the trade closing rate.
EUR/USD
Key levels to watch for:
Support: 1.2161; 1.2130;
Resistance: 1.2384; 1.2414;
Euro/dollar had a downward movement yesterday, forming a bottom at 1.2157. The outlook is for downwards, especially if the price has made a clear break below 1.2175 with targets in the 1.2085 area, which will put an end to major upside trend. Resistance for the day is seen at 1.2200. A clear break above this level may take the price to a neutral zone for testing 1.2250. But only a clear break above 1.2400 will cancel the scenario of the formed downward triangle and will keep the main upward trend in place.
A slight pull back this week, i believe this is healthy for the steady progress of the pair.
The bearish momentum on the EURUSD may lose some strength after the short sellers start taking their profits off the table and the pair starts to retrace to the upside.
The single currency registered a volatile session against the US dollar on Wednesday. The currency pair opened at 1.1991 and ended 41 pips lower. Graphics continued to grow below moving averages, while the relative strength index remained neutral. The downward movement keeps inertia, which contributes to negative attitudes in the short term.
EUR/USD
Key levels to watch for:
Support: 1.1920; 1.1720;
Resistance: 1.2070; 1.2260; 1.2370;
Euro/dollar continued downward movement yesterday with bottom at 1.1937. The price slipped below the daily EMA 200 (1.1970), but made a slight upward adjustment and visited again this region earlier today. The signals are bearish for testing 1.1900. The first resistance is around the upper limit of the downward channel, located in the area of 1.2000 - 1.2025. A clear break above the channel should break the downward rally, but the longer the price is below 1.2175, the downward triangle scenario remains valid. Any upward pressure can be seen as a good sales opportunity. On the downside, a clear break and daily closure below 1.1900 will clear the road to 1.1750.
The weakness continues on the EURUSD, but the pair may try to pull back. The 200 EMA at the 1.2042 level may act as resistance.
Woot this is good stuff right here. Thank you