Forex Trading Library

EURUSD – Still selling rallies in the major pair

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Monthly: Trading within a bearish channel formation. Trend line resistance is seen at 1.2583. Levels close to the 38.2% pullback level of 1.2522 (from 1.6038-1.0349) attract sellers. We trade to the lowest level in 5 months

Weekly: After posting a bearish Outside Week (week 16th April) the major currency pair has broken the Ending Wedge formation to the downside. The move has been impulsive, which normally highlights any recovery in the pair would be mixed and limited. The most interesting factor in this time frame is the fact that our bespoke support is located at 1.1808, below the 161.8% extension of 1.1898 (from 1.2557-1.2149).

Daily: Broken the channel to the downside. With bespoke support located at 1.1808, and a correction count posted on the intraday chart, we only to sell into rallies. Our second bespoke resistance level is located at 1.2028. With the Eurozone Consumer Price Index out today, and then later, Draghi’s speech, there is scope for an upside correction to sell into once more

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