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EURUSD Intraday
1.08600 – 1.08800 Resistance zone
Supports are at 1.08400 and 1.08350
We have two highs up there, with the later one a bit lower….does it mean something ?? Not necessarily – it all depends on next few hours – if we start a correction  from here, it might be able to surmount the highs and continue it’s Up move. Otherwise it might just run out of steam .
One idea can be Buying it in 1.08350/400 area with the Stop just below 300 , for the test of previous highs…so risking 5 pips for possible 30-40. Problem is the time and lack of any serious data today…nothing to move it sharply…
EURUSD – Outlook for tomorrow
Support at 1.08050 and 1.07800 – bellow would open a way for test of 1.07450
Resistance in 1.08800 / 1.09000 area
As much as a correction to down is needed, it still can first try Up tomorrow morning.
This is not a good place for Buying, and still no reason to Sell it.
We’ll go with smaller time frames , and follow as it develops.
Week Ahead: EURGBP
EURGBP Daily Chart
The consolidation range is clear at .8498-.8578
This suggests .8500 will remain pivotal as only a firm break would open the door to another leg down.
On the other hand, only a firm break of .8578 would suggest the low is in for now/
Why am I highlighting EURGBP?
1) If you trade EURUSD and/or GBPUSD, you need to keep an eye on EURGBP as flows involving this cross often have an impact on price moves in EURUSD and GBPUSD
2) Month end (Feb 29): I have observed increased activity in EURGBP at month end, which in turn often sees erratic flows not only in the cross but in EURUSD and GBPUSD. So keep a close eye at month end as it can offer trading opportunities in respective pairs as well as in EURGBP. In this regard, watch price action throughout the day but especially leading up to and around the 4 PM London fixing.
EURUSD Daily Chart
Flash PMI whipsaw day: Up on stringer French flash PMI, down on weaker German PMI
The solid break of 1.0805 saw a move up that came within 9 pips of the target at 1.0897
If 1.08=1.09 has replaced the 1.07-1.08 range then 1.0850 is the obvious bias setter.
Technicals are still positive, expect support if 1.0840 holds
If not then it is back to 1.0800-20
\EURUSD 4-hour chart: Inside day on Wednesday.
Good update Bobby. I will add my thoughts
I asked the question last week whether EURUSD is bid or bid in an offered market?
Looking at this chart technicals support the former but only if 1.0761 holds and 1.08+, trades, which would suggest there is more room on the upside.
Resistance comes in at 1.0824-39, the letter is the high for the week and then a void until 1.0897
‘EURUSD Day Ahead
Looking at the Daily chart, seeing a Pattern emerging that is calling for further Upside  move.
Support at 1.07950 and it is quite possible to be revisited tomorrow, so Buying at that level seems prudent, for the move to 1.08500 and even 1.08875.
Tomorrow we have some important data – check Economic Calendar –
Maintain Stops , avoid being dragged into the data !
EURUSD
Without going in what might or might not happen in coming days, I’ll stick to what should happen tomorrow.
Supports come in 1.07800 – 1.08000 area – every 5 pips might prove hard to get through…
So, if the area holds , we should see tomorrow even bigger move then today – we might run straight for the 1.09450
But if bellow 1.07800 – All Bets Are OFF
EURGBP Daily Chart (correcting or end of trend>)
Those who have followed me over the years have seen me say you can’t trade EURUSD or GBPUSD without keeping an eye on EURGBP. The move up in this cross is behind some of the demand for EURUSD while GBPUSD struggles on the upside.
As the chart shows, EURGBP has bounced off a test of .8500 *just below( and is currently trying to establish above,8575, which would expose .8592-.8620 as the last leg down is negated.
On the downside, it needs to hold .8532 to keep the bid but .8570+ for the string bid.
EURUSD
From yesterday’s Week Ahead :
EURUSD Week Ahead
Resistances at : 1.07900 , 1.08350 and 1.09250
Supports at : 1.07400, 1.07200 and 1.06950
Pattern wise, Resistance at 1.07900 should Hold, and Down move should continue…
They came, they touched and they bumped ( 1.07894)
We need it to go through 1.07500 to confirm the pattern and continue down.
Let’s see how it’s played…
