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EURUSD 4h
Resistance at 1.07000 & 1.07250
Support at 1.06700 & 1.06500
Told you that this is going to happen. So what now ?
Two options:
– Break above the EMA 50 and test of 1.07500 & even 1.07750
– Meeting with 1.07250 and sudden drop , followed by the break of 1.06000 and continuation of the steep downtrend
Watch for Initial Jobless Claims today and bunch of other US data tomorrow
EURUSD 4 HOUR CHART – JYST A CORRECTION?
As I pointed out, there appeared to be an invisible hand protecting 1.06, which in turn has seen EURUSD correct.
The question then is does the correction have more legs?
On one hand, what has changed is there are no key stops to go after until below 1.06, currently protected by 1.0630.
On the other hand, as the chart shows, the next key level is not until 1.0756, leaving the high of the day at 1.0690 as a key intra-day level which would need to be taken out to extend the retracement.
So, where does this leave us?
It leaves us with a focus on yesterday’s breakout level at 1.0665 needing to hold to keep a bid. Otherwise, look for 1.0650 to exert its magnetic pull.
EURUSD 4 HOUR CHART – TRYING TO CORRECT BUT…
Looking at this chart the key level on the upside is clear at 1.0665.
Often, when in a sharp trend, there needs to be a squeeze on weak positions to run some stops )e.g. above 1.0665) before setting a fresh run at a new low or high.
This is the setup after an invisible hand held its finger in the dyke at 1.06.
Whether it materializes or not is still up in the air so just pointing out a risk.
Otherwise, the trend is still your friend.
USDX ONE-HOUR CHART – OFFERED IN A BID MARKET
I never used to pay attention to USDX until JP alerted me to its use.
With EURUSD representing 57.6% of the USDX, it can be used as a semi-proxy for the EURUSD.
In this case, USDX has backed off its high but EURUSD has so far been stymied by 1.0650 after bouncing from an invisible hand protecting 1.06. A more significant resistance area is at 1.0660-65.
EURUSD 4h Intraday outlook
The base is formed for try outs to the Upper levels of the Daily Downtrend.
Targets to watch out for are 1.06700 & 1.07200 – all depends on time-space development.
Supports are at 1.06300 & 1.06050
By the pattern that is forming, it is unlikely to see downward follow through right now.
It is more of a possibility to watch Upticks for a day or two.
So base your small time frames trades accordingly .
With no serious data ( except for US Initial Jobless Claims tomorrow ), there is a calm till Friday.
Check out Economic Calendar
NOTICE THE CHOP AROIND XAUUASD 2350, BTC 65000, NOTICE HOW EURUSD TONE TURNED SOUR WHEN IT FAILED TO STAY ABVOV3 1.0650. SO IT PAYS TO SHOW MY BLOG ARTICLE AGAIN TO EMPHASIZE THE POWER OF 50
EURUSD 4H
Resistances at 1.06650 & 1.06850
Support at 1.06400 & 1.06200
Before it breaks on either side, and taking into account geopolitical situation right now I am going to stay away from trying to call some larger moves.
Going solely Intraday – right now trying for higher, but need a signal to confirm.
EURUSD 4 HOUR CHART – RELIEF?
The week is starting out with some relief that geopolitical risks have not escalated further. It is like trying to pick up the pieces after a hurricane or tsunami hits your town.
This leaves EURUSD consolidating where 1.0650 seems to be pivotal with no key nearby resistance.
Risk is still pointed down but would need to take out 1.0622 to build further momentum.
Given the one-way move down, use FIBO levels to give some order to the price action using our
Fibonacci Calculator
EURUSD 1h
As you can see from the chart, we had a second leg down today, so one prolonged move.
We need to rebound to at least 1.06850 and even 1.07050 , and still will be in Down mode.
Support comes at 1.06150.
Keep in mind that it is Friday, so trading interest is fading fast.
I am going to prepare some rules and tips on how to follow my trades /ideas over this weekend.
Probably will write the whole article, so everyone can go slowly over it and be ready for things to come J
I have to do lots of accounting for my wife (her company) , and if I don’t …well you know how it goes
I’ll be around later tonight as well…
EURUSD 30 MINUTE CHART – REAKOUT?
While the technical focus of longer-term charts is on the break of 1.0693, short-term charts show yesterday’s 1.0699 as a key resistance
with a sell bias below it.On the downside, there are no obvious levels so use the day low as the closest one. As noted earlier, the Power of 50 level at 1.0650 becomes a pivotal key level in the absence of near-term support.
