Looking at the technicals we see a lot of signals for trend continuation on multiple time frames. With the huge spike over a week ago the price is still in correction on the daily.
There is the beginning of what could be consolidation on the daily at the 20 EMA but there are no candles sticks shown to lead me to believe that is the bottom. There has been a rally...
Fundamentals:
The dollar has strength with slow waning due to the COVID outbreak and poor job numbers projected for Friday. Last month non farm payroll really did not do anything to the market and I expect the same to happen here. Everyone knows unemployment is bad so I do not expect it to make a huge difference. If it does it will only help with the trade.
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A couple of issues driving this trade.
1) We have a pullback into the 50% level with clear space to the downside. We are consolidating above a daily level but this can easily be taken out if the fundamentals hold true.
2) The Daily level is showing a pullback setup with continuation to the downside.
3) The US30 is taking a hit and looks to continue down for...
We have pinbar reversal candle on the charts. There is confirmation of reversal patterns on the 1 hr and daily. Two exit trade with adjusting stop after first exit.
On the 4H there is a bearish pinbar that is at a level of previous resistance. Entry is 5 pips below the pinbar with a stop 5 pips above. This is a two exit strategy for a total 68 pip profit. Once the first TP is hit the SL will be adjusted to break even.
Overnight EURUSD took a dive after breaking out of our consolidation triangle. I plan to take this trade down to at least the 1.1120 range where we might see a bounce or some resistance.
Currently we are over extended on the 1 and 4 hr charts and likely we will get a breakout pullback back to the 1.1190 levels for a retest before continuing down. If we...
As we close with a bounce off the ascending support zone we see a head and shoulders pattern. Couple this with the rejection off of the top of our bear channel and the looming threat of an interest rate cut, it seems short opportunities will continue to present itself.
We have room to run until the bottom of the channel with questionable consolidation around...
Its looking like we are hitting two major support zones of resistance. We have an ascending support line that has formed over the past two years and we have the 200 EMA support.
All this to say we are looking for bounce back to the upside to the 200 EMA on the 4 hr chart. There might be a continuation with a retest of the highs up to the resistance highs around 1.6600.
The trend currently shows if we break above 1.1285 level we will have signals for continuation to the upside. With looming calls for an interest rate cut in the US I believe bias might lean more towards the short side. With a retest of support around 1.1200 before continuing.
I was stopped out around the 1.1340 area which has only further pushed us into the overextended range on the 1hr & 4hr charts. We topped out by hitting the R2 pivot point.
I this time I am taking a half position to start and doubling up after we confirmation of breaking back into the downward channel.
Stop around 1.1420 and adjusting as we pull back into the channel.
We continue to move towards lower fib levels and the S1 pivot point. We also have lots of RSI over extension on the 1hr, 4hr, & daily. Something has to give and Monday we should expect either consolidation or a sharp sling shot.
Taking a long position back up to the fib level. We are showing signs of an ascending wedge with some backfill over the coming weeks. Stop is set to below the 200 EMA with a profit target of 3:1. As usual, adjusting stop along the way.
After an amazing rally back to the upside we hit the top of the channel and, if history repeats itself, another opportunity to short. The low of the trend is at 1.1182 so that will be our target with a stop loss at the peak of the previous high at 1.1347.
We will take partial profits along the way and adjust stops at pullbacks.
My play is to short after the break of the 4-hr 200 EMA down to the 1.2842 50% Fib level. Keep a wide stop as we likely will see a bit of elasticity before a full break.
