EURUSD 4h
Supports : 1.10950 , 1.10850 & 1.10700
Resistances : 1.11200 , 1.11400 & 1.11500
In my opinion, this Run Up is of a correctional nature, and we should be visiting lows again.
Depending on that coming move, we’ll be able to determine is this going to be Finding Support for another rally up , reaching 1.12750 or a beginning of the full blown Downtrend – 1.07 area first target.
Based on the Daily pattern, this is too steep right now for some real advances up.
A look at the day ahead in U.S. and global markets from Mike Dolan
U.S. stocks look to have weathered the early September squall for now but interest rate speculation and ebbing bond yields now take center stage as evidence mounts of slowing U.S. labor market.
Futures markets now see almost a 50-50 chance of a 50 basis point Federal Reserve rate cut this month and two-year Treasury yields plumbed 3.75% on Thursday for the first time in 16 months.
Morning Bid: Stocks calmed as action switches to rates, jobs
I got this in an email yesterday from the long-time, highly respected Global-View member that I have nicknamed the Savvy Trader for his USDJPY calls (note, I am just the messenger)
I believe you said once keep doing something until it no longer works
So keep selling rallies target is 128-132
Clearly everyone keeps on doing the opposite as evidenced by price action
USDX 4 HOUR CHART – Back on the defensive
It doesn’t take a rocket scientist to take one look at this USDX chart and assume EURUSD (57.6% of the dollar index) has moved higher.
This follows a failure to test 1.02 but would need to break 100.50 to suggest the EURUSD rebound has serious legs to it.
Key to this index and other markets will be the reaction to the US jobs report tomorrow.
Economic data for Thursday – See our Economic Data Calendar
See detailed previews—
EURUSD 4 HOUR CHART – 1.11 tested
EURUSD had to see what was at 1.1095-00 and so far just a test of 1.11, a level that will now dictate its tone..
Resistance 1.1100, 1.1130, 1.1150
Supports 1.1075, 1/1065, 1.1040
Lower US yields a weight on the dollar (10 year 3.77%) as we wait for another set of US jobs data ahead of the key monthly report tomorrow.
After the reaction to JOLTS yesterday, t pays to be on alert for any US data related to jobs.
My name is Jay Meisler, veteran forex trader, creator of The Amazing Trader and here is my story.
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