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  • Euro Approaching Key Test

    From marctomarket.com

    This Great Graphic, created on Bloomberg, shows that the euro is approaching key area. The white trendline drawn off the September 8, September 20 and October 26 highs comes in near $1.1745 today. Above there, the lower green horizontal line is the 38.2% retracement of the drop since the years high was recorded on September 8. It is found at $1.1760. The euro has been bid through the 20-day moving average (green line) for the first time since the ECB meeting in late October. The five-day moving average (fuchsia line) is poised to cross above the 20-day average for the first time since before the ECB meeting. The ... (full story)

Test cleared, EURO you beauty !
So what is next? after taking out all key levels in day and probably invalidating head and shoulder pattern, will eurusd aim for 1.35?
Quoting barkie
Test cleared, EURO you beauty !
It has to close today above 1.1760 to consider the trendline broken. It is still early.
Observation is the path to discovery.
For me the resistance sits at 1.182. Just set my sell orders there.
Quoting Alorente
{quote} It has to close today above 1.1760 to consider the trendline broken. It is still early.
Right but if that line holds I reckon we're going to the 2017 high @1.2092 and beyond in a 5th wave, 1.1820/40 speed bumps.
Sell back eurusd between this area 1.1837 - 1.1875
Trip to everest.. 1.2088
EUR/USD is looking bullish, it has moved above the daily downward trend line around the 1.1750 area. I would be a buyer if price can move and stay above the 1.1870 area.
The market is designed to fool most of the people, most of the time.
Quoting asmadi78
Trip to everest.. 1.2088
not yet....first it will try to retest and break previous low on daily
Quoting mrlfx
So what is next? after taking out all key levels in day and probably invalidating head and shoulder pattern, will eurusd aim for 1.35?
well yeah wait for it at 1.35 maybe ,open long now and put the take profit on 1.35
Quoting zerotmoal
{quote} well yeah wait for it at 1.35 maybe ,open long now and put the take profit on 1.35
lol..I m not so sure..december rate hike is almost a certainty and there is talk of 3 rate hikes by fed in 2018 along with plan to reduce FED's balance of $4.5 trillions to normal levels. These are huge policy..ECB will start its taper of QE starting next year. Even though its huge incentive for euro strength, dollar is in path to strength. And if tax cuts went through smoothly which is unlikely, USD could rebound.

Case for USD strength:
- Rate hikes
- Fed's balance sheet reduction
- Tax cut which could bring back trillions of dollars of US MNC

Case for Euro Strength
- QE Taper
- talk of undervalued Euro especially for germany

Now decide which way EURUSD will be up or down or rangebound!!
Quoting mrlfx
{quote} lol..I m not so sure..december rate hike is almost a certainty and there is talk of 3 rate hikes by fed in 2018 along with plan to reduce FED's balance of $4.5 trillions to normal levels. These are huge policy..ECB will start its taper of QE starting next year. Even though its huge incentive for euro strength, dollar is in path to strength. And if tax cuts went through smoothly which is unlikely, USD could rebound. Case for USD strength: - Rate hikes - Fed's balance sheet reduction - Tax cut which could bring back trillions of dollars of...
or just look at the charts
Quoting courts
{quote} or just look at the charts
Agreed.. looking at daily chart, eurusd is yet to be bullish not until it breaches 1.1875 to completely remove bearish bias. I guess we are now in a bear trap zone.
Quoting mrlfx
{quote} Agreed.. looking at daily chart, eurusd is yet to be bullish not until it breaches 1.1875 to completely remove bearish bias. I guess we are now in a bear trap zone.
As long as it stays above .1660-.1720 it remains bullish. the first target is .1830
Quoting courts
{quote} As long as it stays above .1660-.1720 it remains bullish. the first target is .1830
Looking at the emotive sudden move started from 1.1600 to 1.1645, that eventually break the neckline at 1.1660, there is lot of momentum on bullish side. agreed break below neckline again will become bearish.

current price is in bear trap zone of 1.1660 -1.1875 and maybe favour bulls but its not a certain it will turn out bullish, it could turn bearish with a surprise. lets say Trump able to pullthrough and pass tax cut bill and not delay it as its now.
Quoting courts
{quote} As long as it stays above .1660-.1720 it remains bullish. the first target is .1830
Nice plan.

1675 was neckline. Assuming 1700 solid support...
Then 1740-50 channel. ...
So buy there if drops....
Patience!!
Beware of robber banks (RB), bad advisors.
it is called retrenchment.fake break out to give way for a strong bearish movement down to 1.13 level.shorting EU @ this level.1.180
Make it Green
Can someone ask EURUSD to go down for a second
EURUSD trips to 1.2088
First target EURUSD 1.1884.Sell from this price
Buy back Eurusd 1.1670 support
Long term...............you can say........EU is up
It was in a two year consolidation approximately from 1.05-1.15.........this year this was broken up to around 1.20 and now its upper broken level tested and up again.........this is not fake..........mostly up for long time to come.........
atheer1
time to start pricing Dec.rate hike and hope republican do their job on TAX.
Make it Green
Quoting atheer1
Long term...............you can say........EU is up It was in a two year consolidation approximately from 1.05-1.15.........this year this was broken up to around 1.20 and now its upper broken level tested and up again.........this is not fake..........mostly up for long time to come.........
Check out your monthly chart,there is no way EU will get back to 1.20 level until it touches 1.14 level.Also the weekly chart shows continuous south movement which is yet to be completed.
Make it Green
Quoting louisfx
{quote} Check out your monthly chart,there is no way EU will get back to 1.20 level until it touches 1.14 level.Also the weekly chart shows continuous south movement which is yet to be completed.
" No way "...........I learnt over years to be wrong in thinking not in trading........ do not let your preoccupation about the path of the price steer your trading decisions.........
atheer1
Last Price EURUSD 1.1670.then Trip to 1.20 or above
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  • Posted: Nov 14, 2017 11:13am
  • Submitted by:
     MarcChandler
    Category: Technical Analysis
    Comments: 26  /  Views: 9,733