EURUSD moved as per levels given yesterday. 1.0990 held like a rock and it sold down from that level to my buy level at 1.0940 before rebounding almost 40 pips. Price action is neutral to slight bullish but trend is up.
EURUSD came down on hotter CPI data which means USD will not cut rates. But what is surprising is that the whole move is retraced, even though indices did also retrace the selling, it was stopped near the 78 Fib. What's next for today?
If I were to look at indices and FX together, I would say that if sell is to come, it would be now (at the 78 Fib), which for FX, would means a double top and down it goes. But IMO that is not evident here. In a way, I would say it is 60-40, but my hunch say goes for the 60% - up.
Price is now above the confluence of BZ and PZ, that holds and we move up. But again Asian session is usually sideways. I would give it more room for a move down to 1.0954 (add on) for a move to target 1.1000 and 1.1032.
EURUSD came down on hotter CPI data which means USD will not cut rates. But what is surprising is that the whole move is retraced, even though indices did also retrace the selling, it was stopped near the 78 Fib. What's next for today?
If I were to look at indices and FX together, I would say that if sell is to come, it would be now (at the 78 Fib), which for FX, would means a double top and down it goes. But IMO that is not evident here. In a way, I would say it is 60-40, but my hunch say goes for the 60% - up.
Price is now above the confluence of BZ and PZ, that holds and we move up. But again Asian session is usually sideways. I would give it more room for a move down to 1.0954 (add on) for a move to target 1.1000 and 1.1032.
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Join me for free on Patreon (patreon.com/fademeifyoucan) to receive my daily FX and indices trading plan. DM me to join my new group to learn all my trading levels and to trade together.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.