EURUSD 1h 1h- long context, first target are equal highs formed on friday (building liquidity for new week). After full filling FVG bellow road is opened for new targets
EUR
EUR/USD Rebounds in Sideways Area, Concludes Flat Trading WeekAs forecasted, the EUR/USD pair rebounded within its sideways range on Friday, wrapping up a week of flat trading. Traders found little reason to push the pair meaningfully in either direction. The week saw German import prices and labor figures broadly missing expectations, while the US Personal Consumption Expenditure (PCE) Price Index inflation printed at forecast without sparking significant movement.
German Unemployment Change data showed a higher-than-expected increase, with 19,000 more consumers added to unemployment figures in June, exceeding the forecast of 15,000 but still below the previous month's 25,000. The German Unemployment Rate also edged higher to 6.0%, compared to the forecasted hold at 5.9%.
Our technical analysis remains bullish as long as the price stays within the upper side of the sideways rectangle. Currently, the price has rebounded from the 78.6% Fibonacci retracement level of the lowest major swing and has formed a triple bottom pattern. This suggests a potential continuation of the upward trend.
We will continue to monitor the economic conditions to determine future moves once the price approaches the upper boundary of the sideways range. For now, the technical indicators support a bullish outlook, anticipating further gains within the current trading range.
Initial Idea
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EUR/USD Slips as Investors Await US Housing DataThe EUR/USD pair failed to sustain Monday's gains, closing in negative territory on Tuesday. Currently, the pair is struggling to regain traction, trading around 1.0690 in the European session on Wednesday. The price appears to be rebounding from a demand area near the 78.6% Fibonacci retracement level of the previous swing lower. Additionally, a divergence on the H1 timeframe suggests a potential bullish impulse.
According to the COT report, institutional investors are increasingly shifting their funds to the USD side. This movement supports a potential bullish scenario in the short term, but we anticipate a bearish scenario to follow in the future.
With no significant macroeconomic data releases, investors are cautious about taking large positions. Later today, the US economic docket will feature New Home Sales data for May, but it is unlikely to significantly impact the market.
EURUSD Is it a sell after the French far-right election win?Highly important fundamentals yesterday for EUR as the first round of elections in France ended with a significant win of the far-right wing party. Even though that's not economic news, the election results of the 2nd biggest E.U. economy, certainly have the weight to affect the largest forex pair in the world.
Mainstream economists have historically shown their preference when more stable, center parties are in governance, and certainly would like to avoid the instability that comes with a far-right party and its policies. That alone is a big factor that would call for (at least) a short-term sell on this pair.
That fundamental approach happens this time to come in complete agreement with the technical one. The pair is still forming the new Bearish Leg of the 6-month Channel Down and as we explained on our June 04 analysis (see chart below), our conservative Target is still 1.06040:
On top of that, today's High hit the 1D MA50 (blue trend-line) for the first time in more than 2 weeks. As you can see, the symmetry between the Channel's 3 Bearish Legs (including the current one) is high and it appears that the pair has fulfilled the +1.12% counter-trend bounce that has happened on all Legs after an initial -2.30% decline. The previous one went as high as +1.50% (April 09), so there is still some small room for rejection.
Technically the new Lower Low can be as low as 1.0500 (-4.00%) but it is advisable to always book profits when the 1D RSI touches the 30.00 oversold barrier.
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Brace for NFP, ECB Forum, and two major elections This week is set to be a pivotal one for global markets, with significant economic and political events on both sides of the Atlantic.
In the United States, the spotlight will be on nonfarm payrolls at the end of the week, with the economy expected to have added 180,000 jobs in June. This would mark a slowdown from the 272,000 jobs added in May and signal a cooling of the labor market.
Across the Atlantic, political developments in France and the United Kingdom are likely to dominate market movements.
France's Parliamentary Elections:
France held the first round of its parliamentary elections on Sunday. The far-right National Rally party, led by Marine Le Pen and Jordan Bardella, has surged to first place, securing 33.5% of votes according to recent polls. The second round of voting is scheduled for July 7.
The dissolution of the National Assembly by President Emmanuel Macron earlier this month has already caused volatility in French stocks. However, some see this as a buying opportunity. Eden Bradfield of BlackBull Research commented, "Our preference list includes Kering, LVMH, Richemont, Brunello, and Hermes at the right price."
Adding to the busy week, the European Central Bank (ECB) will host its annual forum in Sintra from Monday to Wednesday. The event will gather central bank governors, including Jerome Powell of the U.S. Federal Reserve, Roberto Campos Neto of the Brazilian Central Bank, Andrew Bailey of the Bank of England, and Christine Lagarde of the ECB.
On the economic front, Consumer Price Index (CPI) reports for the Eurozone and Germany are due this week. These reports are anticipated to show a slight easing in inflation, which will be closely monitored by investors and policymakers alike.
UK General Elections:
In the United Kingdom, a major political shift is anticipated on July 4. Polls suggest a landslide victory for Keir Starmer’s Labour Party and a major defeat for Rishi Sunak’s Conservatives, who have been in power for 14 years.
For the exact date and time of these major economic events, import the BlackBull Markets Economic Calendar to receive alerts directly in your email inbox.
EURUSD 30/6/24This week on the euro, we have four potential ideas mainly based on the principle that we are running bearish across most time frames, including the higher time frames.
Firstly, we have almost no unmitigated price action on the 4-hour time frame. We've built extensively above and below the price action created last week, leading me to believe this is an area of consolidation before the next expansive or pullback move is formed. My personal preference is to take the liquidity marked above by the yellow bar, run the internal high, and reach into the extreme supply and the extreme order block at the upper end of this range. This is using the 4-hour high highlighted as major liquidity within our range. This would allow us to follow long positions through the liquidity breakout within the current range and also follow shorts from the preferred premium area within the higher time frame range.
In the middle of last week, we liquidated the daily low, which was our target on a higher time frame. Liquidating this low and pulling back suggests that there may be a deeper push into the range before we sell off again.
Of course, we have our non-preferred moves highlighted as well. This includes the price selling off immediately, taking out the low we have marked as liquidity, falling, and creating a new range overall. Additionally, we could sell away from the upper end of the range we have marked, which would give us a non-preferable sell move but still completely valid to follow for the bearish trend.
EURGBP / Critical Volume Signals and Key Price LevelsTechnical Analysis: EUR/GBP (4H Chart)
Current Price Action:
The EUR/GBP pair is trading around 0.84722, near the pivot line at 0.84915.
Key Observations:
1. Primary Support and Resistance Levels:
Primary Support Line (Monthly): 0.83977
Primary Support Line (Yearly): 0.83393
Resistance Line: 0.85728
2. Supply Zone:
- A sensitive decision area characterized by high volatility is identified around 0.85204 to 0.85394.
3. Support and Resistance Areas:
Secondary Support Area: Around 0.84265
Resistance Area: Around 0.84915 to 0.85204
Scenarios:
Bullish Scenario:
Breakout Above Pivot Line: If the price can break and sustain above the pivot line at 0.84915, it could aim for the resistance area around 0.85204. A further breakout from this level could see the price move towards the supply zone and potentially higher towards the resistance line at 0.85728.
Support from Rising Trend Line : The ascending trend line providing support suggests continued bullish momentum if it holds, potentially pushing the price higher.
Bearish Scenario:
Failure at Pivot Line: If the price fails to break above the pivot line at 0.84915, it could retreat towards the secondary support area around 0.84265.
Downside Targets: Sustained bearish pressure could push the price further down to the primary support lines at 0.83977 and 0.83393.
Today's Expected Trading Range:
- The anticipated trading range for today is between the support level at 0.84265 and the resistance level at 0.85204.
Pivot Line: 0.84915
Resistance Levels: 0.85204, 0.85394, 0.85728
Support Levels: 0.84655, 0.84576, 0.84265
Summary:
- The EUR/GBP pair is currently at a critical juncture near the pivot line. A breakout above this level could signal a bullish continuation towards higher resistance levels, while failure to hold this level could see a decline towards key support areas. The next week's direction will be heavily influenced by the price action around the pivot line and the supply zone.
Direction for the Next Week:
Bullish Direction: Likely if the price breaks and sustains above 0.84915 and moves past 0.85204, targeting 0.85728.
Bearish Direction: Possible if the price fails to break the pivot line and drops below the secondary support area at 0.84265, targeting 0.83977 and potentially lower to 0.83393.
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Analysis Based on Volume Order Book (Expo) for EUR/GBP (4H Chart)
The Volume Order Book (Expo) on the EUR/GBP 4H chart provides insights into the liquidity and potential price movement based on the distribution of orders. Here's a detailed analysis:
Key Observations:
2.High Volume at 0.84915:
There is a significant volume of 11.458M at the price level of 0.84915, which acts as a strong pivot point. This indicates that a lot of trading activity and interest is concentrated at this level.
2.Volume Clusters:
Above Current Price:
There are notable volumes at 0.85204 (5.866M), 0.85394 (4.434M), and 0.85728 (5.857M). These levels act as resistance where selling pressure might be strong.
Below Current Price:
There are significant volumes at 0.84655 (3.426M), 0.84576 (2.918M), and 0.84265 (2.647M). These levels act as support where buying interest is likely to be strong.
Directional Bias:
Bullish Indicators:
Pivot Line Strength: The large volume at 0.84915 suggests that if the price can break and sustain above this level, it may indicate strong bullish momentum.
Support Levels: The accumulation of buy orders below the current price indicates strong support around 0.84655 and 0.84265, which can provide a solid base for upward movement.
Bearish Indicators:
Resistance Levels: The substantial sell orders above the current price at 0.85204 and 0.85728 suggest that the price may face significant resistance, potentially limiting the upside.
EURUSD / Critical Pivot Zone and Potential Breakout ScenariosTechnical Analysis: EUR/USD (4H Chart)
Current Price Action:
The EUR/USD pair is currently trading around 1.07032, situated near the pivot zone highlighted on the chart.
Key Observations:
Descending Channel: The price previously broke out of a descending channel, indicating a potential reversal of the bearish trend.
Pivot Zone: The price is hovering around the pivot zone, suggesting this area is a critical level for determining the next direction.
Scenarios:
Bullish Scenario:
Resistance Levels: The price needs to break and sustain above the pivot zone around 1.07032. A successful breakout above this level could see the pair move towards the next resistance levels at 1.07960, and eventually to 1.08538 and 1.09172.
Breakout Confirmation: A clear breakout and closure above 1.07960 would likely confirm a bullish trend continuation.
Bearish Scenario:
Support Levels: If the price fails to hold above the pivot zone, a decline towards the demand area of around 1.06164 is possible. Further bearish pressure could push the price down to the support lines at 1.05051.
Trend Confirmation: A sustained move below 1.06164 would confirm a continuation of the bearish trend.
Key Levels:
- Pivot Line: 1.07032
- Resistance Levels: 1.07960, 1.08538, 1.09172
- Support Levels: 1.06164, 1.05051
Today's Expected Trading Range:
The anticipated trading range for today is between the support at 1.06164 and the resistance at 1.07960.
Summary:
The EUR/USD pair is currently at a critical juncture near the pivot zone. A breakout above this zone could signal a bullish continuation towards higher resistance levels, while failure to hold this level could see a decline towards key support areas. Traders should monitor these levels closely for signs of the next major move.
Previous idea:
Assessing Forex Dynamics: EUR/USD Analysis📅 Let's dive into today's analysis. We're focusing on the EUR/USD pair, which shows the value of the Euro against the US Dollar. This analysis will help us understand whether the US or European economy is stronger.
🧩 To better compare these currencies, it's helpful to also consider the DXY chart. For a full DXY analysis, you can find the link in the description. In that analysis, I mentioned that the DXY is likely to trend downward in the long term because the interest rate has reached 5.5%, which is quite high. The US might soon need to start lowering interest rates. However, since the inflation target in the US is 2%, the interest rate could reach 6% to control the current 3.3% inflation and bring it down to 2%.
💶 On the other hand, the economic situation in Europe is better than in the US, with both better interest rates and lower inflation. The average interest rate in Europe is 3.75%, and the average inflation rate is 2.4%. So, if the US eventually begins to lower its interest rate, the EUR/USD could start moving upwards.
🔍 Let's look at the chart. In the weekly timeframe, we see a downtrend in the High Wave Cycle, which is currently undergoing a correction up to 0.618. In the Medium Wave Cycle, within the downtrend correction, there's an uptrend that, after reaching 0.618 of our larger cycle, entered a correction phase down to 0.5. Currently, in the Low Wave Cycle, we are ranging, and we need to see whether the HWC or MWC will dominate to determine the next market move.
🧲 In the LWC, there's also a descending trendline that has brought the price down to the middle of the range box, and now the price is at 1.06245. This trendline could start a bearish momentum, but since it formed within a range box, it's unreliable.
📉 If 1.06245 is broken, the price could move down to 1.05195. A break of 106.723 in the DXY could confirm this breakdown. If the 0.5 area, which overlaps with 1.05195, is broken, the price could move to at least the 0.618 Fibonacci level. However, since the HWC is bearish, the downtrend might be much more significant.
📈 If the trendline is broken to the upside, after the trigger, we can expect the price to move to the top of the range box. In the DXY, a break of 104.5 could be suitable for confirmation. The main long trigger is 1.10464. The first barrier for the price is 1.12015, overlapping with the 0.618 level, which might hold the price for a few weeks. But if this area is surpassed, the price could move to 1.16558.
🎲 Moving to the daily timeframe, there's a gently sloping ascending trendline supporting the price, and a compression has formed in recent days. There's a hidden static line, not immediately apparent, but I've marked it in black on the chart.
📈 For a long position, we can enter riskily upon breaking 1.07370, but as I mentioned, it's a risky position, so the risk taken should be less than usual. The next long trigger is 1.09023, and if this trigger breaks, we can move to 1.11055. The final long trigger is the break of the range box top at 1.11055.
📉 For a short position, we first need to wait for the ascending trendline to break and then for 1.06687 to break. In this case, we can move to 1.06136, the main trigger for breaking the trend. Breaking this support can take us to the bottom of the range box. The third short trigger is breaking the bottom of the range box at 1.04610.
📝In conclusion, the EUR/USD pair is at a crucial juncture with potential for both upward and downward movements depending on key trigger levels. Keep an eye on economic indicators from both the US and Europe, and use strict risk management strategies to navigate the market.
🧠💼 Always remember the inherent risks in forex trading. Adhere to strict capital management principles, use stop-loss orders, and aim for an initial target with a risk-to-reward ratio of at least 2.
🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a currency pair you'd like me to analyze next.
EURCHF to find buyers at previous resistance?EURCHF - 24h expiry
Previous resistance at 0.9595 now becomes support.
Our short term bias remains positive.
Preferred trade is to buy on dips.
Risk/Reward would be poor to call a buy from current levels.
Our outlook is bullish.
We look to Buy at 0.9595 (stop at 0.9569)
Our profit targets will be 0.9660 and 0.9670
Resistance: 0.9625 / 0.9640 / 0.9660
Support: 0.9608 / 0.9595 / 0.9570
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
EURNZD - Look For Bearish Reversal!Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📈 EURNZD has been overall bullish, trading within the rising channel in red.
Currently, EURNZD is hovering around the upper bound of the channel.
Moreover, it is retesting a resistance zone marked in green.
🏹 Thus, the highlighted red circle is a strong area to look for sell setups as it is the intersection of the green resistance and upper red trendline acting as a non-horizontal resistance.
📚 As per my trading style:
As #EURNZD approaches the red circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
EURCHF Short EURCHF has been in a downtrend on the bigger timeframes and currently has formed a Rising Wedge with a bearish divergence which aligns with the bigger timeframe bearish bias.
EURCHF Pump and dump in process.The EURCHF pair quickly delivered both of our Sell Targets that we set on our last analysis (May 22, see chart below) with a brutal sell-off that sharply broke even below the 0.618 Fibonacci retracement level:
Since last time we saw striking similarities between the Legs of this 2-year Channel Down, we have to make clear that the 0.618 Fib was where the March 15 2023 Low was formed and then rebounded to the 1.236 Fib only to get rejected again in the expansion process of the Bearish Leg.
As a result, we expect a short-term pump to that level, which we will short and target 0.95500 (middle level of the Channel Down as on May 22 2023).
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All eyes on the PCE todayWe are waiting to see what's going to happen after the release of the Fed's preferred inflation metric, the PCE.
EASYMARKETS:EURUSD could one of those exciting pairs to watch today, but wait for the number to come out first.
Disclaimer:
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Sell EUR/USD Bearish ChannelThe EUR/USD pair on the M30 timeframe presents a potential selling opportunity due to a well-defined Bearish Channel pattern. This suggests a shift in momentum towards the downside in the coming Hours.
Key Points:
Sell Entry: Consider entering a short position around the current price of 1.0700, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels:
1st Support – 1.0653
2nd Support – 1.0634
Stop-Loss: To manage risk, place a stop-loss order above 1.0730. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you.
Heading into overlap resistance, could it reverse from here?EUR/AUD is rising towards the pivot and could reverse to the pullback support.
Pivot: 1.61575
1st Support: 1.60790
1st Resistance: 1.62133
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
EURJPY On a very aggressive Bullish Leg.The EURJPY pair is extending the rise since the December 04 2023 Low, which was a Higher Low on the 27-month Channel Up. Technically, we are half-way on the new Bullish Leg of the pattern and as you can see the 1W MA50 (blue trend-line) has been the ultimate Support since its start.
The previous 2 Bullish Legs have rose by at least +19.30%, so we expect a similar development. Our Target is at 180.000 (marginally below the +19.30% mark).
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EURUSD: Weekly overview and opportunities
Reasons to Long:
Bearish long-term channel
Last break was bearish
Reasons to Short:
Near a demand zone that coincides with the bottom of the channel, which is around 1.0620
It seems that a weak short-term zone appeared around 1.0680
Conclusion:
I predict a slightly bullish week. However, I'll wait to reach mid-term zones that can be found between 1.0760 and 1.0720 to short the pair. I don't recommend taking long trades here unless you are a scalper or an extremely short-term trader.
Bullish breakout?EUR/NZD is breaking out of the pivot which acts as an overlap resistance and could rise to the pullback resistance.
Pivot: 1.75527
1st Support: 1.7481
1st Resistance: 1.76987
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
EUR/USD - Forecasted Potential Setup for the Next Few DaysCurrently, the price is forming a descending triangle pattern. I expect it to take liquidity at the 1.07100 level before making another higher low. My focus is on the 1.07350 level as a potential entry point for short positions. Given that the price is down across all timeframes, I am not considering long positions at this moment.
If the price breaks the daily highs, this setup will become invalid, and I will then look for long opportunities on a pullback. However, for now, my strategy is exclusively oriented towards shorts.
Confluences:
Forecast for negative DXY news on 27/06/2024, which is expected to cause a pullback.
Anticipation of positive results in Friday's news, potentially causing a breakout in this pair and a test of the weekly highs for DXY.
Like and comment if you agree with my setup idea.
EUR/USD Continues to Rise Following Wednesday's PullbackThe EUR/USD pair continues to grow after experiencing a pullback on Wednesday. Traders are closely monitoring today's US Initial Jobless Claims report, which is forecasted to show a modest drop in new US jobless benefit claims to 235K from the previous 242K. Despite this anticipated decrease, the claims are still expected to exceed the four-week running average of 227K. Should the data align with the forecast, we could see a possible bullish impulse for the US Dollar. However, current technical analysis and the Commitment of Traders (COT) report suggest a potential continuation of the bullish sentiment for the Euro.
Today's price movement saw a pullback to the 50% Fibonacci retracement level from the last swing low, a significant technical indicator often associated with a potential reversal or continuation of the trend. This retracement level has provided a solid support base, reinforcing the bullish outlook. Currently, we have a bullish position already opened, and the technical indicators point to further growth potential.
The COT report indicates a favorable sentiment towards the Euro, with an increase in long positions. This aligns with the technical analysis, which shows bullish momentum. The EUR/USD pair's ability to maintain above the key Fibonacci level is a positive sign, suggesting that the bulls are still in control.
As we await the release of the US Initial Jobless Claims data, traders should remain vigilant for any potential market shifts. The economic news could provide additional insights and potentially impact the direction of the EUR/USD pair. However, the overall outlook remains positive for the Euro, with technical and sentiment indicators both supporting a bullish continuation.
In conclusion, while the upcoming US jobless claims data might introduce some volatility, the EUR/USD pair appears poised for further gains. The pullback to the 50% Fibonacci level has reinforced support, and with a bullish position already in play, there is a strong possibility for continued upward movement. Traders should keep an eye on the economic news release for further clues but remain optimistic about the Euro's prospects.
EURGBP Overbought RSI, buy opportunity.The EURGBP pair hit on June 14 the bottom (Lower Lows trend-line0 of the 7-month (dashed) Channel Down and is on the rebound. At the same time, the 1D RSI got oversold (below 30.00) and every time it did so in the past 12 months, it started a strong bullish reversal.
More specifically the previous Bullish Leg of the Channel Down reached the 0.618 Fibonacci retracement level to form its Lower High. As a result, we turn bullish on this pair, targeting 0.85500 (0.618 Fib).
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Bearish drop?EUR/USD is currently on a resistance level which is an overlap resistance and could reverse from this level to our take profit.
Entry: 1.0740
Why we like it:
There is an overlap resistance.
Stop loss: 1.0772
Why we like it:
There is a pullback resistance which aligns with the 127.2% Fibonacci extension.
Take profit: 1.0684
Why we like it:
There is a pullback support level.
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