In the big picture (Daily time frame) we had a head and shoulders pattern and a retest of the neckline on the 11,12 plus 13 of October were it made a swing high. So I’m expencting a drop down to 1.1593 obviously not all in the same day.
The formation of the head and shoulders took 22 days to complete, since then it past 16 days so at least more 6 days to go.
So the big picture is bearish but it does not mean that you can not go long in a shorter time-frame, 30 minutes or less.
The EUR/USD dropped today to 1.1735, but recoved to currenlty trade at 1.1765. The short term outlook remains bullish, confirmed by the indicators on the four hour time frame.
On yesterday session, the EURUSD fell again but found enough support near the 1.1753 to trim some of its losses although closed in the red, in the middle of the daily range, in addition the currency pair managed to close below Monday’s low, which suggests a bearish momentum.
The currency pair is trading below the 10 and the 50-day moving averages that should provide dynamic resistance however is trading above 200-day moving average that should provide dynamic support.
The key levels to watch are: a daily resistance at 1.2041, the 50-day moving average at 1.1863 (resistance), a daily resistance at 1.1829, the 10-day moving average at 1.1792 (resistance), a daily support at 1.1753 and a key level at 1.1684 (support).
So the 38.1 didn’t hold it and it tested the 61.8 but that held so far. Agree with vj 1870 seems the next target - but the shorter timeframes are very highly bought maybe they’ll close it out around the 1.180 mark and let it consolidate overnight ? We’ll see.
On yesterday session, the EURUSD initially fell but found yet again enough support near the 1.1753 to trim all of its losses plus closed in the green, near the high of the day, however the currency pair managed to close within Tuesday’s range, which suggests being slightly on the bullish side of neutral.
The currency pair is trading below the 10 and the 50-day moving averages that should provide dynamic resistance however is trading above 200-day moving average that should provide dynamic support.
The key levels to watch are: a daily resistance at 1.2041, the 50-day moving average at 1.1864 (resistance), a daily resistance at 1.1829, the 10-day moving average at 1.1801 (resistance), a daily support at 1.1753 and a key level at 1.1684 (support).
The single currency recorded an increase against the US dollar on Wednesday. Session started at 1.1765 and the price bounced back from support at 1.1735. After all, the euro ended at 1.1786 and if the price continued to rise the pair would head to the first resistance at 1.1910. Otherwise, in the downside, we may expect a breakthrough in support at 1.1735.
EUR/USD is up today, but stalled at the 200-day SMA. Indicators are retreating from the overbought territories. Nevertheless I’m positive on the pair. 1.1820-1.1830 is critical, but I believle bulls will fight it.
Oh dear, a lot of positive sentimen for the pair here ! Never mind according to Dailyfx IG open interest is 65% short !
[Edit - Now 66% - An awful lot of punters beleieving the double top will hold - but they’re already IN the market, so they cn’t influence it again - can they ? - Well yes actually !
[Edit 2 - Strewth - it’s only 2 hours and Shorts are now 67% ! ] - Every pip it gets closer, there are more shorting ! - Where are their stops ? ]
On yesterday session, the EURUSD initially fell but found enough support near 1.1766 Wednesday open to reverse and closed near the high of the day, in addition the currency pair managed to close above Wednesday’s high, which suggests a strong bullish momentum.
The currency pair is trading below the 50-day moving average that should provide dynamic resistance however is trading above 10 and 200-day moving averages that should provide dynamic support.
The key levels to watch are: a daily resistance at 1.2041, the 50-day moving average at 1.1865 (resistance), a daily resistance at 1.1829, the 10-day moving average at 1.1813 (support), a daily support at 1.1753 and a key level at 1.1684 (support).
On the last Friday’s session the EURUSD fell with a wide range and closed near the low of the day, however the currency pair managed to close within Thursday’s range, which suggests being slightly on the bearish side of neutral.
The currency pair is trading below the 10 and the 50-day moving averages that should provide dynamic resistance however is trading above 200-day moving averages that should provide dynamic support.
The key levels to watch are: a daily resistance at 1.2041, the 50-day moving average at 1.1861 (resistance), a daily resistance at 1.1829, the 10-day moving average at 1.1796 (resistance), a daily support at 1.1753 and a key level at 1.1684 (support).
EUR/USD continues consolidating between 1.1880 and 1.1725. So far there is no signal that consolidation will end and if it does it will probably be under the influence of the fundamentals later this week.
The short term outlook for the EUR/USD pair remains bearish. The price is developing below its moving averages and indicators are located withing extreme oversold conditions.
On yesterday session, the EURUSD fell again but this time with a narrow range and closed in the middle of the daily range, in addition the currency pair managed to close below Friday’s low, which suggests a bearish momentum.
The currency pair is trading below the 10 and the 50-day moving averages that should provide dynamic resistance however is trading above 200-day moving averages that should provide dynamic support.
The key levels to watch are: a daily resistance at 1.2041, the 50-day moving average at 1.1857 (resistance), a daily resistance at 1.1829, the 10-day moving average at 1.1788 (resistance), a daily support at 1.1753 and a key level at 1.1684 (support).
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