EURUSD
As of this writing EURUSD is showing some taper off of a stronger move upward. I think the longer term picture is certainly going to maintain upward bias with current USD weakness. At the moment volumes are giving USD some strength as it works the pair lower towards the 1.1626/30 mark. Depending on US Advance GDP with a prior of 1.4 and expectations of 2.5 we could see a climb tomorrow of EURUSD towards the 1.18 figure.
In terms of market cycles the 4 Hour chart is showing some significantly accurate repetition on sell side cycles at 70 candles. There are 4 confirmed cycles at that interval alone and while it's gotten a bit choppy above the 1.1650 level the stronger deviations and advances of volume are clearly upside movements with durations lasting an average of 10 hours. On US Advance GDP's release, a break to the upside could certainly see the pair extending it's move well into the weekend. In my analysis of GBPUSD I see that the pair would find an intersection of cycles on 2 August @ 8 AM GMT. This is the same interval on EURUSD which has repeated itself already at 98 candles.
There's a slight chance of a range bound move as is the same for GBPUSD. To get this I think we need to see a sell off to 1.1585. Support at that level is critical as there's very little standing between that and 1.1480.
Some of the chart components in this analysis are not drawn on this chart.
As of this writing EURUSD is showing some taper off of a stronger move upward. I think the longer term picture is certainly going to maintain upward bias with current USD weakness. At the moment volumes are giving USD some strength as it works the pair lower towards the 1.1626/30 mark. Depending on US Advance GDP with a prior of 1.4 and expectations of 2.5 we could see a climb tomorrow of EURUSD towards the 1.18 figure.
In terms of market cycles the 4 Hour chart is showing some significantly accurate repetition on sell side cycles at 70 candles. There are 4 confirmed cycles at that interval alone and while it's gotten a bit choppy above the 1.1650 level the stronger deviations and advances of volume are clearly upside movements with durations lasting an average of 10 hours. On US Advance GDP's release, a break to the upside could certainly see the pair extending it's move well into the weekend. In my analysis of GBPUSD I see that the pair would find an intersection of cycles on 2 August @ 8 AM GMT. This is the same interval on EURUSD which has repeated itself already at 98 candles.
There's a slight chance of a range bound move as is the same for GBPUSD. To get this I think we need to see a sell off to 1.1585. Support at that level is critical as there's very little standing between that and 1.1480.
Some of the chart components in this analysis are not drawn on this chart.
Comment:
And 1.18 hit..
Trade closed: target reached:
Voila