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Eur_usd

EUR/USD — Bullish Structure Despite Latest SetbackThe breakout of the saturated range structure last week has so far failed to find follow through. My bullish bias and long exposure remain undeterred nonetheless, as the trade ticks enough boxes to remain committed to the long-bias. On the daily chart, we can clearly observe that the bullish resolution comes in line with the divergence in the German vs US bond yield spread, which argues for any retest of the previous area of resistance (on a closing basis) at 1.1440–50 an exceptional area to consider engaging in long-side business. By drawing the volume profile, clear symmetries emerge, allowing us to identify the POC of the multi-month range at 1.1375 area with the extremes at 1.1307–1.1448, hence why it’s so vitally important to hold the latter for the uptrend to resume. This constructive outlook comes in stark contrast with the European fundamentals, but as I’ve argued, this is a movement led by broad-based USD weakness. Also notice, last week’s close beyond 1.15 achieved the creation of a fresh bullish cycle high, with the extension from Jan 3rd low to the recent high greater in magnitude (260 pips) than the previous leg up of 207 pips. This bullish structure has emerged on the back of a debilitating bearish structure seen from Oct to Nov of 2018.
by FlowState
USD/JPY DAILY TIMEFRAME SHORTThe USD/JPY currency pair price is creating a symmetrical triangle pattern on the daily timeframe going down even to the lower timeframe. The price has already exploded down after bouncing off the descending trendline forming the triangle, however, it seems as if some buyers are trying too hard to maintain higher prices. There is also an ascending wedge /channel on the 4-hour and i-hour timeframes, and prices have already broken out of that pattern to the downside. I suspect the buyers are just there for the retest (kiss and goodbye). As i noticed earlier today on the EUR/USD currency pair, the buyers tried fighting a losing battle before they gave away and bled to death. As my younger brother Dylan rightly said, "in a battle everyone bleeds, so don't worry of you are in the red zone". Therefore, sellers are likely to be teased by buyers before they can claim victory. May the odds be forever in your favour.
Short
by munyaelliott
2
Double Head and Shoulders Short in EUR/USD?It looks like the EUR/USD has broken a smaller head and shoulders topping pattern that began in August of 2018. This smaller head and shoulders top appears to be a failed rally attempt from a prior and much larger head and shoulders pattern that started all the way back in July of 2017. In the short run, this break seems to project a decent chance of dropping to 1.13 and into the mid to high 1.12 range (to the neckline of the previous head and shoulders pattern). If this breaks below the larger trend line, watch out below! I can't imagine I am the only one seeing this. Please let me know thoughts and other perspectives if I am missing something.
Short
by itcanthurt