Enough to Stop the Risk-Off Sentiment? Daily Level 1.0805 may act as a temporary support level and we may observe a bounce and retracement early in the week here. During the first session of the week, Asian has observed some nice volatility off this Daily support level created on March 1st of this Month. 18 pips bounce already and I anticpate that by the end of New York session we will observe some sort of dead cat bounce after the freefall drop from the prior week. Target for a retracemnet is 1.08279 4hr zone. Retracements are a healthy part of a trending market but we don't have to bounce necessarily. We may very well just cntinue to drop towards our next siginifcant level and clear a 40 pips range down to Weekly Support level 1.0768.
Intro and monthly timeframe 0:0
Weekly timeframe 2:13
3:52 daily timframe
6:29 4hr timeframe
7:49 1hr timeframe
Intro and monthly timeframe 0:0
Weekly timeframe 2:13
3:52 daily timframe
6:29 4hr timeframe
7:49 1hr timeframe
Comment:
We have appreciated on EurUsd to start the week as I was anticipating with the Top-Down analysis from 11 hours ago. The great wall of China .. I mean 1.0805 Daily Support level has prevailed and helped orchestrate a pullback to begin the week We even pulled back a bit further to 1.084 1hr resistance zone.
Comment:
Consumer Confidence news, forecasted to increased across the past data point.. This could act as a catalyst to Take New york session back down towards 1.084.. if the news misses forecast then maybe we keep retracing the move from last week and go back up to 1.08650 4hr resistance zone 🗞
Comment:
Quick update.. the data this morning missed expections for the USD.. this appears to have sparked some fear in the markets as we are observing the USD gaining strength (Risk-Off sentiment since USD is a safe haven currency) EU has retreated to the 4hr support level(1.084) and is pulling back down
