FX:EURUSD is testing the local channel support. The probability of a breakout attempt is quite high, as the currency pair is trading on a negative fundamental background.
The dollar is strengthening after a wave of positive news, at the same time EURUSD is hitting a strong resistance at 1.0949 on D1. A bearish candlestick is being formed with the session closing at the low point. Based on the candlestick pattern on Thursday, we can assume that the negative fundamental background is favorable for further decline, and the market is not finished moving yet. Consolidation below 1.08975 and breakout of 1.0880 will form a potential for further fall. The zones of 1.07958 and 1.0724 could become a target
Support levels: 1.0880 Resistance levels: 1.08975
I expect a retest of resistance followed by a breakout of support. The market is trying to change the local trend and with a high probability it can do it
Regards R. Linda!
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Friday's session is low-volatility Price closes near support
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Consolidation in the support area is a kind of struggle between buyers and sellers. Buyers lose, momentum is formed and liquidation takes place. Sellers are pushing the target
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The currency pair continues to decline as the dollar index rises
🤣🤣i am sure that you don't have any position on EUR🤣
JoeChampion
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I like the short idea a lot, especially for the fact that there is a controversy between Powell and Lagarde monetary policy, Hawkish Powell and dovish Lagarde. let's see if fundamentals will match the technicals!
Deadly_Snake
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"TRADING is a CASINO?" Of course it is! A big legal casino! If trading is not casino explain why eurusd was above 1.11 when we even had no date if the FED was going to continue increasing rates or not. But now EURUSD is going to hell just because we don't know if the FED will cut interest rates 3 times or 6 times by the end of the year!! The fact that you don't know what the Federal Reserve or ECB might decide is exactly proof that trading IS a casino! And now think for a moment how many times they bought dollars and sold all the currencies like crazy with these speculations that none of them had a fundamental basis. And considering how much the dollar was overbought in those cycles because of their delusional assumptions, is where EUR is now even close to its fair price? Of course not, because during this very long period the market was only in the direction of dollar and no real price correction in the opposite direction has ever happened.
RLinda
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@Deadly_Snake, You are fortunate to have encountered apophenia. In a casino you don't have any factors that affect your outcome, the odds are always about the same.
In trading, you can choose assets least dependent on the dollar or on daily economic news. There are quite a few criteria to choose from