Long

EURUSD, broken resistance

Updated

After disappointing US data for unemployment and average hourly earnings, the dollar went down, finally providing a boost for EURUSD to break the resistance. With tariffs being implemented today by US and China and the Fed members finally acknowledging the overheating of the dollar, EURUSD seems to be on the way up, breaking through the 50 SMA on a daily chart, let’s see if it closes above it. Next resistance area is 1.18/1.185. DXY broke the neckline and the double top seems to be triggered, potentially to retest 93.
Happy Trading!

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Continued dollar weakness at the start of this week drives the pair higher as expected

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Still looks long, current pullback seems to be more noise, to retest the former resistance, now support area.

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Added Elliott wave analysis suggests we are still in an impulse wave, currently in a sub-wave correction.

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Today was quite the risk off first half of the day with USD, JPY surging and EUR, AUD, NZD falling. Markets continued to rally though. After forming a nice H&S pattern at the top of wave 3, EURUSD went into a correction wave 4 in an ABC formation, which went by the book: no more than 50% retracement and not getting into the territory of wave 1. Additional long position at wave 4, stop below 1.16800, target wave 5. Forming a spinning top candle with a long lower wick showed buying pressure and now momentum is on the upside again, going for impulsive wave 5 higher than 18.5 level at least 1.618 Fibonacci expansion of wave 1-2. So far technicals are holding nicely.

Antonio_trader

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