Here to kick the week off with the first moves we have buyers choosing to defend the 1.207x bids, protecting the support level and relieving the channel structure of this duty so that it can become a bit more appealing possibly for a slingshot. The next moves higher in EURUSD can be the start of a swing that cracks the 2018 highs.
Yearly
Eurobonds
Sellers have missed the proper moment to get in contact with the stops below the support. If the position were with Pound, on the other hand, the win for buyers would be much more difficult, whereas now euro follows on its own logically defined map. UK is at the heart of the matter of fundamental impacts around Brexit, the euro will be considered a stepping stone for UK outflows as sharp speculators and large macro hands evacuate through the flanks to avoid getting caught up with BOE -ve rates. To the topside 1.212x remains a 🔑 pivot level with initial targets found above at 1.222x and 1.230x while invalidation comes from a sustained breach below support.
Thanks as usual for keeping the feedback coming 👍 or 👎
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A quiet morning session so far with nothing to update... Buyers continue holding onto the structural support by their nails, while sellers are clearly aiming to complete the ABC sequence all the way down towards 1.200x.
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Eyes on 1.212x for the Frankfurt open
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Congestion/gridlock at the 1.212x pivot will be very natural before buyers make their move:
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A quick chart update here after the morning session:
@ridethepig, great analysis !
i think it's too early for 1.30 in 2021.
but i see 1.40+ in 3 years. ^^
isma_marka
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@RomanLosev, there is a possibility EU might reach 1.36 to fill a gap that's been since 2013 and i think at the end of this year or next year it could happen