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EURUSD 1 HOUR CHART – STUCK IN A RANGE?
EURUSD has been stuck so far for a second day within a 1.0674-1.0753 range set last Friday with attention mainly on the JPY after BoJ interventions and verbal threats overnight.
Range so far this week 1.0686-1.0734
As I noted yesterday, it is month end, and while not an exact science the theory says if US stocks are lower on the month there is USD buying to adjust forex hedges. As I said this is not an exact science so just something to keep an eye on.
Also, month end often sees EURGBP erratic swings so watch into the 4 PM London fixing as it can impact EURUSD and GBPUSD.
Otherwise, markets seem to be on hold ahead of the FOMC decision tomorrow.
EURUSD 4H
Supports 1.07150 & 1.07000
Resistance at 1.07350
As long as supports hold, we are targeting 1.08000 and subsequently 1.08350
Pattern in creation suggest move Up.
But can it be opposite…of course…never say never – in which case we would hit 1.06350
However, pigs can’t fly, yet….maybe if they produce AI pigs one day…who knows
EURUSD 1 HOUR CHART – OUT OF STEAM?
With EURJPY still above key levels but losing its strong momentum it remains to be seen whether EURUSD can keep its bid ahead of key events this week.
What caught my attention looking at this chart is the failure to seriously take out the 1.0750 level (power of 60).
Mark down today’s high for if it holds, pressure could re-emerge on the downside as the week progresses (“Monday Effect”).
EURUSD – Daily
Eur did not succeed in penetrating above 1.07500, and got smashed pretty nice after testing it.
Looking at the Daily chart, if it manages to close tonight above 1.07000 , bet are still On for higher – test of 1.08150 , but any close bellow 1.06900 – All Bets are Off
Comes Monday, we can have a run for the support at 1.06300, and in which case I don’t see it holding.
EURUSD 4 H
And now this does not look good for EUR Bears – This is becoming a very Bullish Formation on Intraday time frames.
Resistances are at 1.07400 & 1.07550 – break of would lead us towards 1.08150.
There is another 50 min for this bar to close, and even Europe is out, usually that is the time for previously created intraday trend to continue uninterrupted .
EURUSD Daily
Yesterday we have seen a strong move Up , driven by the data .
Resistance at 1.06700 was taken out ( now acts as a support ) , and we have closed the day Above the sharp downtrend Resistance line.
There are no important data today , so we’ll see if this move can be sustained .
If it does, we’ll have two consecutive Closed bars above the downtrend resistance line, and that would signal a change of trend.
However, if close will be bellow 1.06500 , it would be a perfect Sell signal and run at 1.05500 would be inevitable.
Supports at 1.06800, 1.06700 , 1.06500 & 1.06250
Resistances at 1.07250 , 1.07700 & 1.08250 Continue reading...
EURUSD 1 HOUR CHART – DATA/NEWS DRIVEN MARKET
I am posting this chart to illustrate how hyper-sensitive the market is to any data that might change interest rate cut expectations.
The spike up on this chart came after the flash Ez PMI earlier.
This is why you need to be in touch with what news is coming out and the consensus forecasts.
You have seen me post one of my favorite blog articles. The Power of 50. Look at current rates
GBPUSD 1.2350
EURUSD 1.0655
AUDUSD .6450
EURGBP DAILY CHART – BREAKOUT MODE
The key level on this chart is .8715, now needing to hold the,8620 break to expose it.
On the downside, it keeps a risk on the upside as long as it stays above .8550, stronger while above the.8585 breakout level.
Even if you don’t trade EURGBP you can use it as a clue to trade GBPUSD and EURUSD as I explain in
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‘How you Can Use Currency Crosses to Trade Spot ForexEURUSD Daily
Resistance at 1.07000 – If holds , we’ll have the Downtrend speeding up
Support at 1.05900 – if Taken out, the road will be open for attack at first 1.05450, then comes 1.04900 and finally The Last line of Defence at 1.04150.
