Looking in to this week, Eurodollar daily chart. General long term uptrend, ranging since mid Jan between 1.22 & 1.2550. This market holding its major trendline connecting Dec18 & jan 11 lows. Last Thursday intraday, price looked as though it may break below its trenedline before the bulls pushed price back above. All the while this trendline holds I am bullish on this market.
If the bulls drive price higher above the Feb21 high (1.2360), should set up bullish intraday momentum setups, potentially a retest of the Feb26 (1.2550) high this week.
However, if this market broke and closed below its major trendline, this would be bearish and possibly the signal for a trend change, at least in the short term. In this scenario, eurodollar could easily test the lows of the range this week, that being Feb09 low (1.2210) & Jan18 low (1.2165). At which point a re assessment would be needed.
If the bulls drive price higher above the Feb21 high (1.2360), should set up bullish intraday momentum setups, potentially a retest of the Feb26 (1.2550) high this week.
However, if this market broke and closed below its major trendline, this would be bearish and possibly the signal for a trend change, at least in the short term. In this scenario, eurodollar could easily test the lows of the range this week, that being Feb09 low (1.2210) & Jan18 low (1.2165). At which point a re assessment would be needed.
