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EURUSD – Fight of System Titans 😀
Bears wouldn’t like to see it above 1.08450 , and prefer a sharp drop from there Bellow 1.08000, straight for the 1.07100
Bulls would love to pick it up in 1.08000 area, or slightly below and go for 1.08800 in first attempt.
Pay attention to the red channel – you can be both – a bear and a bull , as long as you pick up the right time and the right place 😀
EURUSD 4-HOUR CHART – Typical Start to the Quarter
Those who follow me should know how I feel about the start of a new year and new quarter, this one had liquidity dry up even more due to the 4-day Easter break.
This makes it hard to absorb flows and often sees false starts and whipsaws, as has been seen so far this week.
With that said the dollar is on its back fOOt and the level EURISD bears do not want to see trade is above 1.0868.
Whatever the case, EURUSD 1.08 will set the near-term bias.
EURHPY 4 HOUR CHART
The market is so far choosing the path of least resistance by selling JPY on its crosses.
This is seeing both EURUSD and USDKPY both bid, the latter sees the 151.97 (and BoJ threat) looking while the latter is staying below 1.08 (upside limited while below it)
See the chart for EURJPY levels
Nice call by MOInedge on short JPY vs all
EURUSD 4h
Resistance at 1.07800 & 1.08000
Support at 1.07650 , Â 1.07500 & Â 1.06950
Do not try to pick it up – this might be just the beginning of the Down slide…
Even if the pair starts Up , it is going to take some time, so there will always be a chance to Buy it.
If this is just a correction, prior to continuation of the Up trend, just looking at Weekly chart tells me that 1.06100 would be a reasonable target.
My opinion – more Down is in the cards.
EURUSD 15 MIN CHART
It is only a 20 pip range so far, too tight to last. Price action is typical for the start of a quarter, especially this one after a 4 day weekend, as the market re-liquifies.
As the chart shows, 2 red AT lines drawn off the low indicate a shift in risk to the upside that has seen a move up but faces resistance at 1.0744.
Not seen on this chart, the gap in price after the ISM report yesterday is to 1.0772. The key target on the downside remains at 1.0694.
Note while steadying vs the dollar, EUR is trading soft on some of its crosses (e.g. eurgbp, eurcad)
EURGBP 4 HOUR CHART – Bid but consolidating
I am posting a 4-hour chart to show the key level at.8602
Offset GBP selling out of this cross is one reason why GBPUSD failed to test 1.2674 (cited earlier) – contact me if you want a further explanation of how this works. It also gave a bid to EURUSD, which has so far been unable to test 1.0868 (cited earlier) despite demand from this cross.
See chart for support levels.
EURUSD 1 HOUR CHART – BID IN AN OFFERED MARKET OR WHAT?
Having held a test of 1.08 EURUSD gas tested the pivotal 1.0850 level in a pre-Easter week, the bounce has tested the pivotal (more psychological than technical) level at 1.0850, also the midpoint of 1.08-1.09.
There seems little incentive to push too hard unless a solid 1.0850+ trades, which would put the key 1.0868 level in play.
Otherwise, range is to 1.0831, which was also a resistance from Friday with support seen as long as it holds..
EURUSD 4H
Resistances at  1.08400 1.08550 and 1.08850
Supports at 1.07950 and 1.07650
The main question here is : Is this an Uptick prior to the continuation of down trend, or a beginning of formation for next push Up.
Not much of data this week – till Thursday – Economic Calendar, so the moves would be dictated mainly technically .
Currently – Intraday – we should treat 1.08200 as a pivotal .
EURUSD 15 Minute Chart
Look at this chart and then Click on the following to see Why I love Repeat Trades
And then scroll down to see my earlier EURUSD updates
EURUSD Weekly
