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.
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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.
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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
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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
even though euro made double bottom infact tripple adding of yesterday as well.. but it unable to clear 1.087... v. choppy price..
JigneshDavda
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A Breach of 1.0870 would provide clear further confirmation that the bullish cycle has resumed.
jhakas
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it cleared... sl triggererd above 1.087... new buy stops now from 1.088
JigneshDavda
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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
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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..
JigneshDavda
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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.
JigneshDavda
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Strong overhead resistance and possible completion of double correction.
jhakas
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my trade idea for euro..
JigneshDavda
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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.
jhakas
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Did you check my 4hr chart i shared earlier? now check this my weekly chart... and let me know what you think..??