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USDX WEEKLY CHART – LOOKING FOR EURUSD CONFIRMATION
USDX is in breakout mode above 105.03 but looking for confirmation from a EURUSD break of 1.0692 (scroll down to see a EURUSD weekly chart)
The reason I say look for confirmation is explained in this blog article
What is the U.S. Dollar Index (USDX) and How You Can Use it to Trade
FOR THOSE WHO MISSED MY BLOG ARTICLE, THE POWER OF THE “50” LEVEL, I SUGGEST LOOKING AT A EURUSD CHART (HIGH TODAY 1.07497) AND READING THIS ARTICLE
In the world of electronic forex trading where an increasing volume is generated by automated programs, it is amazing that psychological or emotional levels still have a significant impact. It may be that my mind acts as an algo but whatever the case there are pivotal forex trading levels that I use that are as relevant today as they were when I first started trading. One of these is the “50”level…..
EURUSD 4h – Intraday view
15 min prior to the data, situation is as follows :
Support 1.08600 1.08350 1.08150
Resistance 1.08750 / 1.08800
It all comes now to the data – depending on Inflatory – Non Inflatory results , we’ll have a clear picture later on.
Expect hysterical moves in first 15-20 minutes just after the data.
Break of any level doesn’t mean much , but what comes next is what we are looking for.
BOBBY POSTED THIS EURUSD TECHNICAL OUTLOOK IN OUR BLOG AND IT SPEAKS FOR ITSELF. WORTH A READ
eurusd 4 hour chart – glass half full or empty of looking bid in an offered market?
.Given the strong US jobs report and rise in US yieldsw today it would seem more logical for EURUSD to be trading 1.07xx rather than 1.08xx’
It is Monday though and will see if this is a matter of looking bid in an offered market. A break of 1.0791 would be needed to confirm this is the case.
Key levels are on this chart.
EURUSD Week Ahead – 07/04/24
Supports at:1.08250 1.08000 1.07750 1.07350
Resistances at:
1.08500 1.08750 1.08900
Daily chart – Continue reading …
Weekly
USDX (US DOLLAR INDEX) WEEKLY CHART – 105 IS THE PIVOTAL LEVEL
Sometimes it pays to step back and take a deep breath to look at the market with a clear eye. This follows Friday’s head fake after the initial reaction up in the USD ON A STRONG us JOBS REPORT DID not follow through.
With the EURO representing 57.6$ of the USDX, its chart can be used as either a lead indicator or to confirm what you are seeing in the EURUSD.
Looking at the weekly chart, the 105 level is pivotal with a marginal new high just above it not holding.
So if you are looking for confirmation that EURUSD has legs to the downside, USDX probably needs to establish firmly above 105.
EURUSD 4 HOUR chart – 1.08 sets the bias
News reaction merry-go-round WEEK
Does anyone remember the Chucky movies where his head would spin around 360 degrees?
Monday: Strong US PMI (USD up)
Wednesday: Sloghtly (softer USD)
Thursday: Uptick in weekly jobless claims (USD dips but did not last)
Friday: StrOnger US jobs (USD up)
Next week is US CPI and the ECB. Logic says this should put a floor under the USD ahead of it.
1.08 WILL SET THE TONE WITH A KEY SUPPORT AT 1.0764=3 BELOW IT.
COI and
EURUSD 4h
Resistance at 1.08250 1.08500 & 1.08900
Support at 1.08000 1.07650 & 1.07250
Next 4h are crucial – if 1.08000 taken out, pattern would suggest that doors are open for attack at 1.07000.
However, if the price returns sharply above 1.08450, target in sight will be 1.08900, and it won’t hold this time.
Currently Bears are in the driving seat.
