Hello Traders, here is today’s daily analysis. I am very cautious of EURUSD today. It has been breaking structure the past two days and has sunken to this new support zone. I have been watching this pair throughout the day and hoping I would get a clear indication of where it will go but seeing as how there is strength in USD pairs I will also bet that this move down will also continue.
However, as you can see there is consolidation happening which stopped us last night. This is in part due to global news where money is being allocated into safe currencies. That being said USD, JPY and EURUSD are the ones that moved yesterday.
What I know: we are at a support zone it cannot break.
If it moves down again and created a double bottom that will indicate another confluence to the upside.
Price has been ranging so it’s unclear where we should enter.
I am overall bullish on USD. So I would much rather place a sell than a buy.
However, as you can see there is consolidation happening which stopped us last night. This is in part due to global news where money is being allocated into safe currencies. That being said USD, JPY and EURUSD are the ones that moved yesterday.
What I know: we are at a support zone it cannot break.
If it moves down again and created a double bottom that will indicate another confluence to the upside.
Price has been ranging so it’s unclear where we should enter.
I am overall bullish on USD. So I would much rather place a sell than a buy.