EURUSD | Perspective for the new week | Follow-up details

This is a follow-up detail to my previous analysis where we close the week on a profitable note (see the link below for reference purposes). The US CPI weighs on the US Dollar as the EURUSD surged with about a 4% gain to close the week on a bullish tone; However, in addition to the high-priority event coming up in the new week (stated in the video), it is worth noting that price is at a critical zone (around the $1.03750 area) as it edge towards the major bearish trend line that has been guiding bearish momentum in the last 18 months. Are we going to be seeing a breakout of this trendline or is there going to be selling pressure below this trendline to incite another crash? Stay tuned in as we navigate this together in the new week.

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Trade active:

Following, the impulsive leg last week, we might be getting ready for a retracement phase as price action has been caught within the channel $1.03600 and 1.03150 area since the beginning of the week where we have witnessed a breakdown of the support level of this channel at the 1.03150 level. However, if a breakout of the channel at the 1.03600 level happens, then we shall be a anticipitating a bullish continuation.

Good mroning

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UPDATE

Securing current sell position as price breaks down the support level of the channel identified earlier today.

Trade active:

After been taken out of the sell position at break even, price action continues to consolidate within the 1.036000 and 1.03150 to emphasize the indecision in this market as participants anticipate the GDP coming up in 3 hours from now. So we continue to wait for a signal in the form of a breakout/breakdown of the channel. Update coming up soon

Good morning

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UPDATE

Securing the buy position as the price appears to respect the bullish trendline once again. Update coming soon

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UPDATE

This was explained in detail during the live session today (see the video on my youtub channel). Secure current buy position

Trade closed manually:

A small profit is taken (approximately 130 pips) as price action plunges. Update coming soon as price action is been monitored

Comment:

Still looking to buy above the 1.04120 and also if a retest of either the bullish trendline or 1.03600level.

Trade active:

Price is at a critical juncture as the price could go either way... With buying pressure appearing just above the 1.03600 level in the last 4 hours - a move that tested the bullish trendline that has been guiding bullish momentum since last week; I am looking at a breakout/retest of the 1.03900 for a bullish signal to join the potential trend continuation. However, a breakdown of the bullish trendline might incite a momentum shift as selling pressure below this line will incite selling opportunities.

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UPDATE

Securing the sell position as price finally breaks down the trendline

Trade active:

After been taking out with a small profit, price appears to have come back to retest the trendline that was broken yesterday hence the expectation of a selling momentum still remains valid as opportunities will arise at the breakdown/retest of the 1.03600 level. However, if price breakout/retest the 1.03900 - a buy opportunity will be considered. Remember that participants anticipate an high impact event coming today (Retail Sales and ECB's speech) which can be seen reflected on the chart as a consolidation phase.

Good morning

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UPDATE

Secure the buy position as the price climbs above $1.03900 level as projected

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This was explained during the live session today (video on youtub); Securing buy position as selling pressure continues

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QUICK UPDATE

Selling pressure under the 1.04120 level on the lower time frames confirms selling opportunity as participants anticipate the retail sales event. Update coming up soon...

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Secure the sell position as price breaks below the 1.04120 level

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secure position as buy pressure appears

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UPDATE

Trade active:

buy pressure continues around 1.03600, securing the current position if still in a sell. An update coming soon as price action is been monitored.

Good morning

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With continued buy pressure above the 1.03600 level in the last 6 hours, a breakout/retest of the 1.03900 level might incite a bullish momentum. We shall keep the option of a breakdown/retest of the 1.03600 level open as well.

Trade closed manually:

Taken out of the buy position as selling pressure resumes. No selling yet until a breakdown/retest of the 1.03600 level

Trade active:

UPDATE

We discussed this in details during the live session today (video on youtub)

Trade active:

Taken out of the previous position with a small profit; anticipating re-entry at the breakdown/retest of the 1.03600 level.

Good morning

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ECB's President Lagarde's speech coming up in 45 minutes and the possible reaction could either be
i. breakdown/retest of the 1.03600/sharp rejection of the trendlines to incite a bearish continuation or
ii. a breakout of these trendlines might incite a trend continuation to the upside.

Let's be on standby

Trade active:

Selling pressure continues as we head into the weekend. Sell position is currently running with 35pips in profit as at the time of this publication, securing the position.

Happy weekend to you!