Pika7993

EUR/USD Detailed forecast

Short
FX:EURUSD   Euro / U.S. Dollar
Presented is the EURSD day chart. This is a detailed technical/ fundamental analysis of potential direction with extreme correlation to DXY playout.

As seen on the chart there was a high volume breach and close out below 1.21000 to close out the market. This was largely due to overnight news of Biden’s stimulus plan which sparked positive sentiment for investors who in return loaded up on the dollar. COVID-19 is also having an effect as countries are continuing to suffer however the U.S has access to the majority of the available vaccines.

DXY is screaming at 91.00 which will be a major indicator for this pairs direction pending DXY is rejected with a pivot or breaches through. That being said we may see timely consolidation rejections to start the week at 1.21000 until DXY makes a strong move. My previous DXY idea forecasting the 91.00 retest is attached.

Based on the high volume sell off too breach 1.21000 I am watching the MACD indicator to cross through the 0 line to continue and increase sell off volume . We can currently see a steep MACD /SIGNAL cross with deep seller volume histogram bins.

The dotted red and green arrows represent the potential directions based of support and resistance breaches/ support and resistance pivots .

I will enter a trade with a confirmed 1.21000 rejection and pivot with first take profit at 1.20000 and second take profit at 1.18300.

As mentioned my DXY analysis forecasting 91.00 retest is attached. Please read and observe carefully and comment with any thoughts and ideas. Thank you.
Pika7993

Comments

Excellent analysis. thank you for sharing
+1 Reply
+1 Reply
Pika7993 KaoAnh
@KaoAnh slick charting I like it
Reply
KaoAnh Pika7993
@Pika7993, I like things that look at them in a simple way
Reply
Pika7993 KaoAnh
@KaoAnh touché I can see you are savvy in price action
Reply
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