#EURUSD - 16082024
I was bullish on EURUSD yesterday; but well things move totally opposite though as compared to GBPUSD. EURUSD was capped by PZ and flushed down on data, but it made a good test of double support and also where my previous buy level (given on Wednesday) is and market gave a good rally of 40 pips to strong level before pulling back.
Given the somewhat bearish price action yesterday, is it time for a move lower from here? However, GBPUSD is telling quite a different story (more bullish). EURUSD could well be weaker but it might not be that bearish IMO. If I were to be long, GBPUSD would likely be a better candidate, but IMO EURUSD could still make a move higher from here. 2 possible scenarios: price is at PZ now; either a break above PZ, re-test for a long, or price could be rejected by PZ back down to yesterday's low and double support for a quick up move. Price target would be to 1.1060 triple level.
Given the somewhat bearish price action yesterday, is it time for a move lower from here? However, GBPUSD is telling quite a different story (more bullish). EURUSD could well be weaker but it might not be that bearish IMO. If I were to be long, GBPUSD would likely be a better candidate, but IMO EURUSD could still make a move higher from here. 2 possible scenarios: price is at PZ now; either a break above PZ, re-test for a long, or price could be rejected by PZ back down to yesterday's low and double support for a quick up move. Price target would be to 1.1060 triple level.
Join me for free on Patreon (patreon.com/fademeifyoucan) to receive my daily FX and indices trading plan. DM me to join my new group to learn all my trading levels and to trade together.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.