Good Morning Traders
EURUSD still remains in bullish trend channel. I used to say, every healthy trend needs retracements and this is what I am expecting within next 24 hours. Price needs to catch a breath. Fortunately we don’t have another EU big-gig event Monday and Tuesday, so we can strictly rely on technical analysis. Here’s what I can see on my chart.
The price should pull back to 1,39800 [TARGET1] (what’s happening right now).
There’s many Fibo and S/R levels around this area so it’s really hard to predict where it’s gonna stop. But taking Fibo extension tool into action and strong weekly S/R it’s very likely to reverse slightly below 1.4000 so I think 1.39800 could be THE level to consolidate for a while. Then Wednesday we have FED statements and ADP-Non Farm, Friday Non-Farm Empl. Those events are like a big fuel station to top-up and kick the price further away either directions…
Expectations for ADP are high and it’s possible the numbers could surprise the market positively for the second month in a row.
And this is what I and other bulls are waiting for. If ADP and Non-Farm will be good or better then expected, it will be a rocket fuel for EURUSD to catch 1.4400 [TARGET2] by the end of the week.
That’s my plan. Hopefully ADP won’t disappoint traders.
Here’s my bullish scenario for a week ahead…
EURUSD still remains in bullish trend channel. I used to say, every healthy trend needs retracements and this is what I am expecting within next 24 hours. Price needs to catch a breath. Fortunately we don’t have another EU big-gig event Monday and Tuesday, so we can strictly rely on technical analysis. Here’s what I can see on my chart.
The price should pull back to 1,39800 [TARGET1] (what’s happening right now).
There’s many Fibo and S/R levels around this area so it’s really hard to predict where it’s gonna stop. But taking Fibo extension tool into action and strong weekly S/R it’s very likely to reverse slightly below 1.4000 so I think 1.39800 could be THE level to consolidate for a while. Then Wednesday we have FED statements and ADP-Non Farm, Friday Non-Farm Empl. Those events are like a big fuel station to top-up and kick the price further away either directions…
Expectations for ADP are high and it’s possible the numbers could surprise the market positively for the second month in a row.
And this is what I and other bulls are waiting for. If ADP and Non-Farm will be good or better then expected, it will be a rocket fuel for EURUSD to catch 1.4400 [TARGET2] by the end of the week.
That’s my plan. Hopefully ADP won’t disappoint traders.
Here’s my bullish scenario for a week ahead…
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