I'm expecting DXY to move up to 50% Fib Extension, that will sync the structure with past lower lows from March / April, and then to complete a retracement from all this uptrend, moving down, between 50% and 61.8% fib retracement. Similar movement (inverted), expected with Euro/Dollar pair. Have nice trades.
The Michigan Consumer Sentiment Index was at it's lowest since 2009 - this release pushed the EURUSD back up to 1.144 level (highest 1.1465) from the lowest 1.1323. There could be some pull backs and we could see the EUR go down to 1.12 levels but this upwards rally is to continue towards 1.15, 1.17 and even 1.20
Here we have a daily chart setup of the Euro against the US Dollar. The pair is trending in a downtrend so we will be looking for shorts. Confirmation of the downtrend is price currently trending below the 200MA. You can see rejection off of the downtrend-line. At that rejection point you can also see a bearish Evening Star pattern formation followed by a pullback...
It is possible, before we reach the target of bat pattern mentioned above on Daily chart, that we can see the price to go test Pivot Zone. For this to happen, the price must break the channel. Let's see how many times will need to test or if it breaks down the area, or a continuation of upward movement to Bat Pattern target Point D.
The pair now is finding support against the uptrend line that started it in March 13. The price didn't got break a resistance in level 1.10281 which is the 61.8% retracement after the fall since February 26. Also we can see a triangle ascending pattern that is being built. I choose a long position for the current level of market with take profit in 400 pips and...
Breakout or not in eurusd is still not clear but the way dax is moving (short euro and long dax) is coming to an end with dax now at upper trendline resistance of 11900. Too many shorts in the system already and any position being closed out or any news -ve for euro will lead to reversal in eurusd as well as in dax. Go long in EURUSD and short DAX
EURUSD has seen a significant drop after the rally that occurred during the Greek elections. This formed a bigger picture demand zone for the EURO. The intermediate supply zone highlighted has a lot of PA in the area, so it may only hold through one retracement back to the level. The next time price gets to the bigger picture demand zone, it will be the first...
We are still watching the E6 closely. There was a false move on Friday. Could this have been the first pump before running? If they push it down Monday or Tuesday the weak longs will get squeezed and bail on their trades. Best to wait for a close outside of the wedge before looking for a trigger.
ABC retracment pattern can seen on the 8 hour chart.