Trade view /
16 hours ago
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.
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.
Entry: Selling at 1.1860
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