Holding Support - Resumption of Uptrend

FX:EURUSD   Euro Fx/U.S. Dollar
262 14 2
Now that the FED has finished with it's over hyped 25 basis point rate hike that got more attention then anything has probably in the last century, the USD Bulls have very little motivation to be buying Dollars.

EURUSD             has already establish an uptrend courtesy of Mr. Draghi. Support at 1.08 is holding nicely going into the end of the week.

Risk parameters favor the long setup here against lows for a potential relief rally next week.
Comment: UPDATE: In the 15min wave count posted below, we have completed wave (C) at 1.0882 and pulled back already in wave (X) to 1.0847 and are now in a new bullish upside structure.
Comment: 1.0980 is an important inflection point for the pair. Strong resistance and a very likely zone to have finished the first upside double correction. While below this level the pair is at risk of a sharp correction. Updated 1H chart posted in the comments section
Comment: Nice bounce from the 61.8% Fib yesterday, and still holding the Channel. At this point, we can assume the correction has completed and we are back in the uptrend. If the channel breaks it will invalidate the setup. Updated chart posted in comments
The target outlined in the chart and analysis is a conservative target. Potential scenario for 1.13 - retest of the flag seems more probable
jhakas __SpecialFX__
there is a possibility euro create Head & Shoulder on 4hr chart and dip again below 1.08... but just an option...

To me for confirmation of regular upside will be 4hr close above 1.098..

I have plan to add small scalp long trade @ 1.088 with tp just 40 pips @ 1.092.. and will hold other deal

here is my chart

even though euro made double bottom infact tripple adding of yesterday as well.. but it unable to clear 1.087... v. choppy price..
+1 Reply
A Breach of 1.0870 would provide clear further confirmation that the bullish cycle has resumed.
jhakas __SpecialFX__
it cleared... sl triggererd above 1.087... new buy stops now from 1.088
The move above 1.0870 confirmed the upside ABC structure. This is what the 15m count looks like at the moment. Calling for one more high to complete the 15m bullish ABC, and then we get a pull back. Buying on a fib retrace from the lows to the new highs is how I will add my second position.
jhakas __SpecialFX__
the reversal move in uj and stable currencies suggest Rate Hike strength is now over.. now only consolidation and then currencies up again... but as per my seasonal trend.. currencies behave like this but they remain on downtrend.. especially gu and aud... regarding gu i see it fall hard after xmas... for now i am long on euro too.. but i will be out on market conditions.. and seasonal trends..
Did you check my 4hr chart i shared earlier? now check this my weekly chart... and let me know what you think..??

My view is pretty much the exact opposite of yours. As you can tell by the main chart in this trade idea, I expect the 1.08 support to hold... based on the second daily chart I posted, I expect we go to 1.13. And based on the third 15min chart, I'm looking for the first leg to complete and retrace towards 1.08 without taking the level out. The GBPUSD during the same time can make a lower low, but I'm looking for divergence and EURUSD to hold.
jhakas __SpecialFX__
i am bullish on both eu and gu.. holding gu long as well... with sl. 1.488 it made nice support at 1.4884... so using that sl. with tp around 1.50 and 1.513..

for eu.. last time it rose from 1.062 on fomc and went towards close to 1.10.. on weekly chart u can see that long candle.. left side and then eu retrace almost 90% and then up towards 1.15..

Now we have draghi rise.. and eu exactly stopping as per last weekly candles on my chart left side... so.. no matter what support.. i think eu to retrace good or even make a new low then up... maybe i am wrong.. but i will stick to it.. cuz so far things working exactly as per my analysis..
my trade idea for euro..

Yes, I know you are bearish. There are some key reasons behind my trade setups aside from the technicals. First the post rate hike fundamentals, and second the end of year flows. If you want to discuss if further, feel free to PM me.
Strong overhead resistance and possible completion of double correction.
Updated Chart: Holding 61.8% Fib & Channel - looking for pair to take out resistance at 1.0980 and break to new highs to confirm uptrend is intact.
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out