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EURUSD Daily
Supports at 1.09300 & 1.08700
Resistances at : 1.09650 , 1.09800 & 1.10500
For the pair to continue Upwards and target 1.10500 , it has to stay Tomorrow above 1.09300. Any break bellow would lead it to Channel Support at 1.08700.
1.09650 is a Major Obstacle on the road to new highs .
In the case it shows as a tough cookie, EURUSD will start the Inevitable deeper correction .
Buying it above 1.09300 , with the very tight stop just bellow it is the strategy if you feel the need to be involved.
The other approach is wait and see, and if 1.09300 taken out, Sell for the run to 1.08700 area.
EURJPY 4-Hour Chart
Red AT lines are now dominating as pre-BpJ trading sees USDJPY firm back towards 148 and offsets giving EURUSD some support.
Levels are clear on the chart with a bid while above 161.56 and the trendline.
These are fickle times ahead of the BoJ but for now there seems to be some cold feet from the JOY longs.
EURUSD 4-Hour Chart – Retracement or Consolidation?
The market is trying to retrace but pressures only build if 1.0917 is firmly taken out (so far just briefly). If broken there is little on this chart until 1.0867 (suggests 1.09 will be important). Needs to stay below 1.0946 to keep a retracement risk alive
On the upside, if the retracement fails to build steam, look for consolidation unless Friday’s high at 1.0981 is taken out.
Expect cautious trading ahead of the next key event risk, US CPI on Tuesday.
What Is Consolidation?
Consolidation in technical analysis refers to an asset oscillating between a well-defined pattern of trading levels. Consolidation is generally interpreted as market indecisiveness, which ends when the asset’s price moves above or below the trading pattern…. Investopedia
In simple terms, it means trading within well-defined support and resistance levels until either side breaks.
BTC Daily Chart
When Bitcoin first was created I called it a Ponzi scheme. While I have not changed my mind about cryptos I would be an idiot to trade on that view given this rocket to the moon.
BTC rose about 4% to a new record high before backing off a touch but maintaining above the former record high (blue AT line).
By contrast, EURUSD has traded a 19 pip range so far today.
For the record, I do not trade BTC and have no intention of doing so.
EURUSD DAILY CHART – 1.10 OR BUST?
I remember when a 1% or more daily range in a currency was the norm. Now it seems to be reported as a big event.
As you can see on this daily chart around 1.10 is the current target but a weak EUR showing on its crosses suggests further overall USD weakness might be needed to test it.
On the downside, no key nearby support, and as the chart shows 1.0897 needs to hold to keep a bid.
EURGBP 1 Hour Chart
If you trade EURUSD and/or GBPUSD you should keep an eye on EURGBP.
Currently, blue AT lines are dominating, indicating either GBP strength or EURUSD is not as strong as charts show (same for other EUR crosses) and pointing the risk to the downside
Whatever the case, EURGBP .8500 is the current line in the sand.
I have a video on file how to use crosses to trade spot. Contact me if you would like a copy.
EURUSD
Supports : 1.09000, 1.08900 and 1.08400
Resistances : 1.09400 ad 1.09550
This is an Ancient Pattern called Jumping Rabbit ( can be a Squirrel or even a Wild Cat ), that indicates two possible scenarios : Jump high and stick to the Three or Jump, miss the branch and Fall quickly.
Now it depends on the Wise Man Data :
USD Unemployment Rate
USD Non Farm Payrolls
USD Average Hourly Earnings MoM
Economic Calendar
Following the Prophecy of the I-Know-It-all Guru and some analysis by Bleeding Edge Growth Fund & We Are So Tight , We Won’t Let Your Mother In Technology Fund , followed by behaviour of my Cat, we should see 1.10150 soon enough…
USDX (US Dollar Index) Daily Chart
Why am I posting this chart if I do not trade USDX?
– The dollar sell-off was broad-based so I took a look at a composite USD index
– EURUSD makes up 57.6% of USDX and can be an indicator for this pair
The two blue AT blue lines were a sign of a shift in directional risk to the downside and you can see how this played out.
The break of 1.0332 exposed 1.0779 as the next key target, so far it has paused just above it.
Look for a pause if 1.0279 holds but only a move back above 1.0332 would negate the breakdown.
EURUSD Daily
Tomorrows play will heavily depend on data :
EUR GDP Growth Rate YoY & QoQ
USD Unemployment Rate
USD Non Farm Payrolls
USD Average Hourly Earnings MoM
Check the Economic Calendar
However, it is clear that Buying is the name of the game
As Long as 1.08800 holds , we are eyeing 1.10000 area.
In the case the support is lost, it can only slow down the ascent as 1.08350 should underpin the pair .
