The EurUsd Monthly candle is bullish to begin the 2nd quarter and after the first week of Aprils trading. The weekly candle closed bullish as price rejected our key weekly support level 1.0771. The candle left a 40 pips top wick for this weeks candle to go fill in bullish momentum. However, we observed a shooting star candle on Thursday that closed below our 1.0837 Daily resistance level. The friday daily candle dropped and bounced back up after NFP news. Yet, price still managed to close bearish and below our daily resistance level 1.0837. A Shooting star candle followed by a Hanging man candle.. It's early in the month and I still think we can observe some USD strength. How long it will last im not sure.. It's early in the week and a downtrend on the 1hr timeframe back to Friday's low seems possible. We must observe how price acts around the 1.0844 4hr resistance level. Other Key level's include 1.0825 1hr zone, and 1.0805 4hr zone which is our short term target to begin the week here.
We've observed strong jobs data 2 months in a row. March and April releases have both been strong.. this coupled with the fact that CPI is snaticpated to increase from 3.2% to 3.4% this week suggests a healthy consumer spending economy, strong USD. It also suggests more uncertainty regarding inflation because March increased YoY for CPI.. and now April? The fed is going in the opposite direction for it's goals.. Maybe institutions.. it's time to buy the USD safe haven asset of the world?
Weekly timeframe
Still ranging on the monthly timeframe but it appears the monthly candle is pulling up or is this a liquidity move preceding more USD strength.
We've observed strong jobs data 2 months in a row. March and April releases have both been strong.. this coupled with the fact that CPI is snaticpated to increase from 3.2% to 3.4% this week suggests a healthy consumer spending economy, strong USD. It also suggests more uncertainty regarding inflation because March increased YoY for CPI.. and now April? The fed is going in the opposite direction for it's goals.. Maybe institutions.. it's time to buy the USD safe haven asset of the world?
Comment:
went down as anticipated
Hello traders💥.. so in the previous analysis(11 hours ago) we were anticpating an overall decrease on EurUsd to begin the week and at the end of the first 3 sessions of trading. We were anticpated a retracement to 1.08250 1hr zone(Now a 4hr zone) and a short term bounce from that level. We got this indeed, and price bounced back up to 1.08440 4hr resistance level where I thought we would reverse to go back down to 1.08050 4hr zone. It appears now at London close that price may clear the 18 Pips range up to 1.086 1hr resistance zone. We've gotten a clean 1hr candle closure above 1.08440 and the market just left a bottom wick retest on the next 1hr candle.