Hey Gents, after letting the dust settle over the weekend & taking a some nice LONG wins Friday on the EURUSD, this is my current key points starting the week. The big thing is we have some Red Data Folders coming Wednesday which can either help continue the uptrend, or the beginning of the downtrend. As per the last 2 weeks all the USD data has not been the best, helping continue the Bullish EUR trend.
I have highlighted current important points in the image. Bulls broke the H4 Trendline which is a big move. However a retracement of last weeks Bullish push can be expected. If Bulls can hold 1.06-1.065 that would be a major win for Bulls which will keep them right along the trendline. Measuring the lat upswing & using FIB there's a possibility for lows 1.0745-1.0755 + using my H4 Candle Trendline & Dragon Trend. My biggest concern for Bulls would be if bears push under 1.074 Bulls would fall under the bottom trendline & then if CPI comes in good for the USD it's game over. If the CPI comes weaker & Bulls have held 1.076+ we def willl see 1.083.
In the coming 2 days with no news, I expect volume to be low & possibly a Ranging Market like last week prior to the data. However I expect it in the upside direction if the Bulls hold the key support levels. The second to last H4 candle looks like a liquidity sweep candle.
To finish things off, I expect a retest of 1.0650 & possibly down to 1.075 or/either a continuation to the upside with Major Resistance at 1.078-1.08 which has been a major battle. For now the best situation is monitor the market, & or scalp the market. In all honesty you almost can't loose being this high if go short for the long run, as I'm sure a drop is coming to retest 1.0600.
My sentiment is still Bullish until Wednesday - Unless bears come in and push below 1.074 under the second trendline. I have my support at 1.745 & Resistance at 1.079
I have highlighted current important points in the image. Bulls broke the H4 Trendline which is a big move. However a retracement of last weeks Bullish push can be expected. If Bulls can hold 1.06-1.065 that would be a major win for Bulls which will keep them right along the trendline. Measuring the lat upswing & using FIB there's a possibility for lows 1.0745-1.0755 + using my H4 Candle Trendline & Dragon Trend. My biggest concern for Bulls would be if bears push under 1.074 Bulls would fall under the bottom trendline & then if CPI comes in good for the USD it's game over. If the CPI comes weaker & Bulls have held 1.076+ we def willl see 1.083.
In the coming 2 days with no news, I expect volume to be low & possibly a Ranging Market like last week prior to the data. However I expect it in the upside direction if the Bulls hold the key support levels. The second to last H4 candle looks like a liquidity sweep candle.
To finish things off, I expect a retest of 1.0650 & possibly down to 1.075 or/either a continuation to the upside with Major Resistance at 1.078-1.08 which has been a major battle. For now the best situation is monitor the market, & or scalp the market. In all honesty you almost can't loose being this high if go short for the long run, as I'm sure a drop is coming to retest 1.0600.
My sentiment is still Bullish until Wednesday - Unless bears come in and push below 1.074 under the second trendline. I have my support at 1.745 & Resistance at 1.079
Attached Image (click to enlarge)
If 95% Of Traders Fail, Then Why Are You Doing The Same Thing They Are.
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