Limited upside in EURUSD as bias remains bearish

0
8


Short term

/

Sell


Trade view /
16 hours ago

Analyst / PIA First

United Kingdom


Instrument:
EURUSD


Price target:
1.1560


Market price:
1.1814

Background


USD Index 


Intraday (one-hour) – The 261.8% extension level at 93.72 (from 92.38-92.89) became a solid barrier for the US dollar index, and we have seen another move to the downside. 

Intraday (four-hour) – Although we have seen an upside reaction from the 61.8% pullback level of 92.92 (from 92.38-93.79), there is scope for further losses towards the 92.79-92.69 zone. The bias is mildly bullish so we look to buy into USD dips. 

EURUSD

Monthly – After EURUSD traded to the highest level in 29 months, we have seen a sustained period of consolidation and the pair seems to be forming a doji-style candle (some time until month-end). It is in a corrective channel formation. 

Weekly – EURUSD stalled just above the 261.8% extension level of 1.1815 (from 1.0335 to 1.0900). The last two weeks’ price action has seen spikes in both directions, highlighting indecision. Support is seen at 1.1556 and 1.1415.

Intraday (60 minutes) – The intraday chart highlights the major currency pair completing the first five-wave count (Elliott wave) to the downside. With bespoke resistance at 1.1860, we look for further gains to be limited. Selling into rallies.

Management and risk description

Parameters

Entry: Selling at 1.1860

Stop: 1.1895

Target: short term 1.1768; long term 1.1560

— Edited by John Acher

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here






Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here