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#EURUSD - 26062024EURUSD played out perfectly as per path given yesterday, EURUSD moved up to retest the strong level at 1.0742 and then faltered and came down 1.07 strong level. I also gave a long off the double support and we got a 20pips move to end the day. What’s next? Price action is TBH messy and not clear. Overall there is a pin bar formed on H4 which could indicate a low but IMO it is unlikely, after the initial bearish down move. Now price is capped by PZ; thus looking for it to hold for a move lower, to 1.0660 strong level next. The "worst" case scenario would be a re-test of yesterday's high before the down move.
by FadeMeIfYouCan
#EURUSD - 25062024I was looking for a move lower yesterday for EURUSD but it turned out the move was similar to DAX where it came down during the Asian session to the OP, which held as it rallied all the way up to 1.0746 strong level before pulling back. Bullish price action on daily but the 1.0746 strong level seemed to be holding up well. I have no strong views for EURUSD today TBH. Despite the strong up move yesterday, EURUSD could still form a lower high for a move lower, while on weekly, the up move currently looks to be a pullback before further downside. Overall, IMO, look to scalp shorts below 1.0746 for a move down to 1.0708. Would only be interested to look for longs at 1.0700/08 with a bullish reversal candle on hourly for a move higher.
by FadeMeIfYouCan
#EURUSD - 20062024Ranging day for EURUSD yesterday as US is on holidays. 1.0740 held well initially and EURUSD came down, but recovered later on to go above the level and is now bouncing off above it. But still, Tuesday's high is still intact. I would say that EURUSD could still have upside though the overall trend is still down. Price is above OP and PZ thus that would be support, can look for longs as long as PZ holds. I would look for shorts if 1.0770 trades or if PZ breaks, for a move down to 1.0700 and 1.0646
by FadeMeIfYouCan
#EURUSD - 17062024I was bearish EURUSD on Friday and we got a nice 60pips sell down without pullback, hitting our price target at 1.0680 before rebounding. Weekly price is bearish, indicating further downside this week but near term price action indicate possible up first. Looking for a possible move re-test and rejection off 1.0740 for a move down to 1.0628. Daily close below 1.0628 could see further downside to 1.0563. Conversely, a break below 1.0700 and re-test and rejection off the level is another short setup for the move lower.
by FadeMeIfYouCan
#EURUSD - 14062024Yesterday's plan worked perfectly; was bearish EURUSD and it made the good down move, re-tested the highs then dumped down to pre-CPI lows. What's next? It is just big moves up and down. What's next? On daily, EURUSD is again tagging the BB on daily. I did say earlier that weekly candle points for further downside. I would keep to that. It would be a tough call today to call for further downside thus patience is key. Looking for further downside, with a possible spike to 1.0760 for a move down, with downside target as 1.0680.
by FadeMeIfYouCan
#EURUSD - 13062024Yesterday, EURUSD just broke above the PZ rallied on CPI data all the way up; as mentioned the rubber band effect can result in a violent up move. EURUSD moved beyond the gap closing level of 1.0800 but instead to the next triple resistance zone at 1.0848 before pulling back now. Unlike the indices which are clearly bullish, EURUSD closed near the mid point which is comparatively weaker. I see the up move and rejection as a possible overshot and the next move could be down. A break below PZ would be a short opportunity with stops above PZ for a move down to 1.0762 and possibly 1.0724.
by FadeMeIfYouCan
#EURUSD - 12062024I was bearish EURUSD yesterday but was wrong that the gap would be closed. EURUSD practically made a fake up and failed, selling down from strong level to level, 1.0762 to 1.0723 before rebounding mid way. Daily price action continue to be bearish but it is at the extreme of the Bollinger Band thus any up move could be violent. Weekly wise, as mentioned, I am looking for further downside which we got for the past few days. Anything can happen, especially with CPI and FOMC today (though many see it as a non-event), but TBH I do not see the weekly candle closing green. But how that would play out might be tricky; it mean that market could go up first (that would be on CPI), then sell down again (that would on FOMC), or it could be up today and down tomorrow. Intraday levels can be used to trade accordingly; for example, price is at PZ now, which could be used to trade the move lower from here and 1.0722 strong level and also yesterday’s low for possible bounce etc. On the higher timeframe, I would be looking at 1.0796 (same level as yesterday) for possible rejection for the move lower to 1.0700 and 1.0662. If however, EURUSD continue its down move and 1.0700 trade first, I would look for long opportunities for a move to close the gap at 1.0796 before possibly further downside.
by FadeMeIfYouCan
#EURUSD - 11062024I was bearish EURUSD and it was a pure price action move as EURUSD opened gap down and moved lower without a pullback. It made a nice break below 1.0766 support, retest it, then break lower to the level below before rebounding. EURUSD does look like it wants to close the gap. From that chart, we can see EURUSD retesting 1.0762 strong level from above and it is accepted. With price above PZ, could expect a move higher back to 1.0796 double resistance zone and that would close the gap. IMO I would look for shorts there on rejection for a move lower, with 1.0700 as first price target, and if break, a move lower to 1.0642.
by FadeMeIfYouCan
#EURUSD - 07062024ECB cut rates yesterday and EUR is supposed to weaken but not much reaction but there was a whipsaw, with price rallying to 1.0896 strong level before rejecting off it, base at PZ and then moved higher. I did say in the group that the rejection of the 1.0896 could signal a mov lower but eventually PZ held the down. Daily price action is bullish on close which could signal a move higher. But price is stuck with PZ below and 1.0896 strong level above. Overall, a break above 1.0896 would be bullish while a break below 1.0880 is bearish. At the same time though, a re-test and rejection off 1.0896 would be a low risk level for a short for a move lower while holding 1.0880 is a low risk level for a long for a move higher.
by FadeMeIfYouCan
#EURUSD - 06062024I was more bearish EURUSD yesterday. We got the dip below the 1.0856 strong level, a rally then the second dip, almost hitting the 1.0852 before the huge recovery. EURUSD though bearish is supported. In addition, we can see GBPUSD closed red, thus overall is more bullish than bearish. EURUSD opened and move higher from open. IMO any dips to PZ is buyable, or if PZ breaks, could see re-test of lows at 1.0852 but overall 1.0852 would still be a long for me for a move higher.
by FadeMeIfYouCan
#EURUSD - 0306202EURUSD made a good move as per plan on Friday; an initial dip to PZ which was bought up for a 70pips move to the double resistance before a pullback. Overall, EURUSD is bullish on monthly, while on weekly, it is green but a tweezer type of candle which indicate decision while on daily, it is bullish. Still room to the upside IMO. I would be looking for a re-test of 1.0842 strong level for a move higher to 1.0896 and possibly 1.0918. Lots of high impact news this week, could see lots of chop, thus trade safe.
by FadeMeIfYouCan
#EURUSD - 10 MayEURUSD made a slow grind down lower over the past few days but yesterday it moved down to make a new low off a level and rallied all the way up, forming a bullish daily candle. However it is still below last Friday's high thus question remains if market will form a lower high or we are looking for a move higher. However, yesterday's price action does point to a move higher. I would prefer to have a down move, to 1.0753 (bottom of PZ) or 1.0743 for a long to target above levels, with 1.0833 as near term target. If however, EURUSD moved up from here, I will look to try a short off 1.0825/35 for a move down to 1.0803 and possibly 1.0775.
by FadeMeIfYouCan
#EURUSD - 29042024I was looking for a move lower for EURUSD on Friday but instead, it moved higher first, hitting the resistance at 1.0754 before going down, selling down 75pips before recovering. Price action on daily is bearish, while weekly price action does point to possible further upside. But following the daily price action, I am leaning towards a possible move lower today as long as 1.0714 strong resistance hold. 1.0690 is strong resistance. Once it breaks, next strong downside target would be at 1.0634.
by FadeMeIfYouCan