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Algolevels

#EURUSD - 22042024Good algo level move on Friday; EURUSD sold down initially and hit our first support for a good long to PZ and beyond, before it made a slight pullback. What's for today? Weekly wise, EURUSD printed a green candle; potential low is in? Daily wise, Wednesday was bearish and we got the initial sell but EURUSD recovered to close green, though there is a rejection from above. IMO bulls have the upper hand. Price is above 1.0648 strong level, looking for further upside. As long as 1.0634 holds, look for a move to 1.0698 and 1.0714. Could see a pullback from 1.0714, but if we get a daily close above this level, look for further upside for tomorrow.
by FadeMeIfYouCan
#EURUSD - 15042024On Friday, for EURUSD, I was leaning towards a dip off the PZ then a move higher though I did give a view on both directions, that is a break lower. EURUSD did tank from PZ and sold down all the way to my price target and even lower to 1.0634 level but overall, I was wrong on my direction, wrong read of the market really. Bearish weekly candle indicate possible further downside but as we can see EURUSD is holding above 1.0634 strong level after hitting it today. Looking for upside to 1.0676 before looking for potential downside. A break above 1.0676 could see further up move to 1.0706 strong resistance zone. Look for sell off that triple resistance zone with 1.0548 as price target.
by FadeMeIfYouCan
#EURUSD - 12042024I was looking for a move lower yesterday but only on a pullback; but we can see that price was held by the strong resistance at 1.0750 and then just come down. But it also hit the 1.0714 level below and is supported and it pulled back to the mid point. What's next? Price is at 50 Fib and seemed to be rejected by the PZ. IMO, we will see 1.0714 revisit and that would be the main level of focus today. Again, I will save myself by giving a view in either directions. But I am leaning towards the move lower. If it goes up to 1.0750 first, especially without hitting 1.0714 first, it will be a short for me.
by FadeMeIfYouCan
#EURUSD - 10042024Yesterday I was bullish for a move higher. EURUSD did move up (without much dip), hit the resistance above and came down to close red. Bearish? Price action does point to a potential reversal for today. But I will "save" myself by providing a scenario in both directions. 1.0848 is a strong level. As long as 1.0848 holds, IMO, EURUSD can just go up from here. Thus IMO, be bearish only if EURUSD trades below 1.0848 for a move lower. And well, I have an inclination for the move higher IMO.
by FadeMeIfYouCan
#EURUSD - 05042024I was looking for a move higher for EURUSD yesterday on a dip. However EURUSD opened and move higher without the pullback, but eventually it lost momentum (with bearish divergence) and moved back down, forming a candle with a long upper wick. Daily candle looked like a potential bearish pin bar for further downside today, but the criteria would be, if the lows break. Additionally, EURUSD moved above but was not able to stay above the 1.0848 double resistance. TBH I would err on the side of caution for today. Overall, as long as 1.0855 holds, bias is to the upside. But if we get above 1.0855, I am of the opinion that it is a fake pin bar and EURUSD could just move higher and closed with another strong bullish candle. And having said that, I would likely only wait to see the reaction off 1.0856 to decide on the next move.
by FadeMeIfYouCan
#EURUSD - 04042024EURUSD plan worked out perfectly as per what was given, the direction was right and the algo levels worked perfectly to cap the lows and give setup for the up move as price based at PZ, moved above OP, re-test PZ and exploded, giving easily a 3.5R trade. I did give a possible pullback off 1.0809 but we can see based on price action at that point of time, it is bullish, expect a pullback at most, not a reversal. And EURUSD indeed moved higher, now approaching next strong level. Tricky now; no major news today; US unemployment claim is a major event but it is weekly, US NFP tomorrow; could EURUSD just range today, after a huge trend day, before trending again tomorrow on NFP? Could well be IMO. But anyway, I am still bullish but I cannot discount the possibility of a move higher today too. I would not be interested to trade the breakout of 1.0846 for a move higher, but would be interested to look for longs in the event of a pullback for a move higher. Level to look for longs would be at 1.08 and 1.0788. If 1.0788 break, could well see a move lower to next level below, 1.0752 which IMO should give a good long for a possible move higher.
by FadeMeIfYouCan
#EURUSD - 03042024I was looking for a move lower for EURUSD yesterday following Monday's bearish downside but in the end EURUSD moved higher. My buy levels were at 1.0752 and 1.0762 or so, looking for a rejection and a move lower. But we saw how price based before going higher and there was no rejection off the sell levels. I also did say one could try a long off the 1.0712 strong support level but in the end price did not even trade there. Thus IMO that is a possible sign of strength. Thus for today, looking for a possible move higher. Looking at 1.0752 to hold for a move higher to 1.0808 and if break, 1.0845.
by FadeMeIfYouCan
#EURUSD - 01042024I was bearish EURUSD yesterday and it played out perfectly. EURUSD just based at the PZ especially because Europe was away; but once US came in, EURUSD began the down move and a sell down of almost 65 pips. It even broke the strong level given and moved to the level below, just short of my final target, another 20 pips down. What's for today? It is always tricky on the next move after a trend down day. Price action is bearish thus continue to look for shorts. IMO possible scenarios would be, EURUSD re-test PZ, at 1.0754 or 1.0766 then move down to 1.0716 then 1.0690. Another possibility of EURUSD just move down from here to the triple support at 1.0716. In that case, could look for a good long for a reasonable bounce at least, IMO.
by FadeMeIfYouCan
#EURUSD - 01-04-2024I did up the plan but it was not saved, twice! But anyway, I did not provide the plan on Friday as it was Good Friday but Thursday's plan worked perfectly, as we caught the top and a 50 pips down move to the price target. Friday, EURUSD dipped further but went up on PCE data. IMO, Friday's move might not be representative as it was on low volume. Overall, I am still bearish for a move lower. Could see an up move from here based on Friday's bullish price action but looking for 1.0808 to hold for the sell to 1.0752 and further to 1.0712 within the next couple of days. If 1.0808 hold, could see a move higher first to 1.0848 before finding resistance. However I would be bearish for today, unless we get a daily close above 1.0808.
by FadeMeIfYouCan
#GBPUSD - 28 MarchGBPUSD moved as per the plan given; I was bearish GBPUSD and it moved down nicely yesterday. Similar to EURUSD, GBPUSD opened just below the PZ and came down on open, to the support below and bounced strongly, to make new highs but it hit the strong level within the PZ and came down the second time. But again the same 1.2617 level held with 2 bullish pin bars and GBPUSD moved back up again to close near the highs at the strong level 1.2639. However this morning again, it opened and came down to the support level below and bounced off it with a bullish candle. With the current bullish candle, GBPUSD should move higher possibly back to 1.2639. A break above 1.2639 should signal a possible low and 1.2659 is next. If however, 1.2639 is able to hold the sell and GBPUSD is again rejected off it, should see further break, with 1.2681 as the probable target.
by FadeMeIfYouCan
#EURUSD - 27 MarchEURUSD plan worked rather well yesterday. Sell level at 1.0855 given and it reacted well and sold down 25 pips to new lows. I did consider a break above 1.0855 to possibly see further upside but my bias is to the downside possibility and it worked out well. Bearish Tuesday indicating further downside but bullish Monday indicating support. I am of the opinion of the move lower. Overall, IMO as long as 1.0851 holds (but IMO max pullback is to 1.0845) look for further downside to 1.07995 double support. Could bounce from there while whole structure is kept intact. A close below this level is bearish for further downside.
by FadeMeIfYouCan
#EURUSD - 26 MarchEURUSD sold off on last Thursday post FOMC, and further on Friday hitting the 61.8 Fib and also my strong level. I said EURUSD could come down from the PZ but I was of the opinion of a further pullback before downside. My sell level was at 1.0851. Yesterday was a slow moving day IMO as EURUSD just based and slowly moved above the PZ and did not hit the 1.0851 level but price has gone up further today on open and is approaching that level. Price action yesterday is bullish thus question is if we will see further upside. I would say to watch the 1.0851 level. A rejection off the level would be a possible next leg down to target previous low at 1.0799 strong level before further downside to 1.0759. Will not discount the possibility of a break above, in which 1.0899 will be the upside target. I am leaning towards the downside for today.
by FadeMeIfYouCan