RamziAbouAbdallah-CMT

RamziAbouAbdallah-CMT

Hello everyone, This week has been a roller coaster for the markets, we've seen big moves and reversals across different instruments. The main driver was the risk-on sentiment that appeared again accompanied by fears of a second wave of Covid-19. This also had a major impact on the EUR/USD which reversed towards the end of the week after reaching a level close to...

RamziAbouAbdallah-CMT

Hello everyone, As you've seen recently, the market's sentiment has shifted in favor of the Euro with countries and borders reopening and getting back to business gradually. The pair has benefited from improvement in balance of risks which, has somehow made the US dollar less attractive and lose its " safe currency " attribution. This bullish move by the pair has...

RamziAbouAbdallah-CMT

Hello everyone, As seen on the chart above, we are now approaching a very critical level on this pair which formed a double top pattern on the daily chart. The critical level we are approaching is the neckline of this pattern which is the trend line if broken, could take prices to projected levels near 1.18-1.19. Trade safe

RamziAbouAbdallah-CMT

Hello, As you can see in the chart above a symmetrical triangle is formed on the daily chart and we are now in the narrow side of it, which points to a breakout soon. Remember, breakouts in such triangle might happen in both direction. What matters for us traders isn't the direction itself but the breakout and the projected target of it which is in this case...

RamziAbouAbdallah-CMT

Hello everyone, I spotted a descending triangle on the daily chart of this pair, which is usually followed by a move down after the breakout. As you can see, the neckline of this triangle is around 1.385-6. A breakout of this level might take us to a projected 500 pip move down as per the measurement strategy, to levels near 1.335-1.345 which happen to be the...

RamziAbouAbdallah-CMT

Hello traders, As seen in the chart above, a triangle formation is clearly formed on the daily chart keeping the prices sidelined for the time being. Markets have been affected heavily by the covid-19 and its highly negative economic impact especially for the Euro zone who's been struggling before then. Technically, a triangle formation is neither bearish nor...

RamziAbouAbdallah-CMT

Hello everyone, In my last post I discussed the Head and Shoulders pattern on the daily chart. The pair broke below the neckline and confirmed this bearish pattern which was expected to guarantee us a target around 1.09 figure. However, some positive US datas and safe haven demands fueled the downside move and bears were strong enough to post fresh new lows; today...

RamziAbouAbdallah-CMT

Hello everyone, As we see in the figure, the pair broke the neckline of the Head and Shoulders top on Friday and is trading near a critical support around 1.1018 (61.8% Fib retracement). We have 2 scenarios here: 1- Prices go up from 1.1018-1.1020 and retest the neckline of H&S and then resume declining or going up again to higher levels. 2- Prices break the...

RamziAbouAbdallah-CMT

Hello traders, Markets have been volatile for the last 2 days following political tensions in the Middle East. The most affected instruments were the Gold, Yen and oil. But the EUR/USD has been trading in a tight range , still above 1.11. All eyes on 50 SMA support at 1.1092 and the trend line shown on the figure. This week’s highlight is NFP so keep an eye on...

RamziAbouAbdallah-CMT

Fundamentally, we are waiting for the general elections in early December. We had negative , below expectations figures today for the UK PMIs. Technically, sterling is trading in a slightly down channel which could be a bull flag given a very fast recovery from all time lows recently. On the daily chart, we have 2 scenarios: 1- prices keep trading in a range and...

RamziAbouAbdallah-CMT

Fundamentally, not a lot of new updates recently since we didn't have any FED or ECB meeting this month. Technically, we got a bearish inverted hammer on the weekly chart, and a big daily bear candle. Support awaits near 1.0990 which is critical in this scenario. Today's PMIs came in mixed. Although we had some better than expected figures, that didn't encourage...

RamziAbouAbdallah-CMT

Hello traders, Today's jobs reports in the US was not bad at all, adding 136K in September, flat wages and unemployment rate at a record low. This week's up move by the pair was in anticipation of a bad jobs report following dismal readings from manufacturing and services PMIs. However, it was not as bad as expected so this was a good sign for the bears. On the...

RamziAbouAbdallah-CMT

And this is the 4hr down channel that I talked about, Watch out for its boundary levels

RamziAbouAbdallah-CMT

Those are the daily charts with recent prices, As you can see, each time the pair makes new low, it retraced back to around 50%.. If it does the same this time, maybe fueled by a weak NFP, it can first test 1.0990 resistance and continue further up to levels around mid's 1.10

RamziAbouAbdallah-CMT

Hello, After a weak start of the third quarter, the EUR/USD is recovering slightly from YTD lows after a very bad reading from the manufacturing sector in the US, showing the lowest number in 10 years and probably pointing to a recession in that industry. Let's talk technicals a little bit and specifically about the critical support level for this pair:...

RamziAbouAbdallah-CMT

Hello traders, As expected, the pair broke the previous support at 1.09 today and resumed the bear trend printing a new YTD level around 1.0880. German retail sales and inflation data disappointed, which fueled the move. In my opinion, those economic figures did nothing more than speeding up the move which was going to happen anyway according to...

RamziAbouAbdallah-CMT

Hello everyone, In my latest posts I already confirmed that the pair is clearly in a downtrend and it isn't going to end soon, means it was clear that the market haven't bottomed yet. The price action today almost affirmed my previous predictions and the pair printed new lows near the 1.0900 figure. I noticed that during the European session, before reaching that...

RamziAbouAbdallah-CMT

Good evening, Yesterday was a pretty impressive day for the pair as it broke below a major support at 1.09650 following surprisingly weak PMIs, and a renewed demand for the dollar. Reports stating that Trump's impeachment is far from happening since he didn't violate any campaign laws helped T-yields recover which also pushed the dollar up. Yesterday's close was...