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EURUSD consolidate already 5-weeks at 1.12.

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  • mlawson71
    replied

    EUR/USD rebounded from 1.1700 after the news and the pair will likely climb back to 1.1800.

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  • mlawson71
    replied
    The pair continues consolidating above 1.1700. I wouldn't open new shorts before the actual breakout.

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  • mlawson71
    replied
    EUR/USD is testing the support at 1.1700 again, a breakout below that level could lead to a drop to 1.1560.

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  • mlawson71
    replied
    It appears that the pair has begun a sideways consolidation between 1.1700 and 1.1850. The question is how long that will last.

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  • mlawson71
    replied
    The fundamentals did give the pair the required push and it started rallying. Not to mention that it had formed a pair of inverted hammer bars on the daily time-frame above 1.1700. All that said, the renewal of the bullish trend won't be confirmed before the pair breaks out the previous high at 1.1910.

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  • mlawson71
    replied
    The pair is so undecided for the moment that unless the fundamentals give it a necessary push it may not exit the range before the market closes later today.

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  • mlawson71
    replied
    W75r77S.png

    EUR/USD remains bearish today while testing the support at 1.1725. The possible breakout below that level could lead to a further drop to 1.1700 and below.

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  • mlawson71
    replied
    CNP8C6S.png
    EUR/USD continued its corrective movement to the upside after all, and is now at the middle line of the Bollinger Bands indicator on the 4-hour time-frame. I think that from here it could either retest the last high or bounce off from the current resistance and continue falling.

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  • mlawson71
    replied
    Predictably EUR/USD is retracing after the big drop on Friday, but the pair will likely continue dropping once that correction ends, at least until it tests the support at 1.1700 once more time.

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  • mlawson71
    replied

    The NFP caused a big drop, I think the pair will reach 1.1800 again. I am not sure whether this is the end of the rally though.

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  • mlawson71
    replied
    I think I will wait for the NFP data before I trade the EUR/USD in any way. Those news always cause a lot of volatility.

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  • mlawson71
    replied
    EUR/USD rallied a little further and finally broke out above 1.1800. After the NFP and depending on the data they release could possibly expect a rally to 1.2000.

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  • mlawson71
    replied

    It occurred to me that the NFP will be this week again. Whatever EUR/USD does for the rest of the week, prior experience dictates that the true movements will probably happen on Friday.

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  • mlawson71
    replied
    8hxU53Y.png
    Should EUR/USD test the support trend line of the RSI indicator the daily time frame that would be a strong indication for a new move to the upside. This scenario would be invalidated if the pair breaks out below 1.1400, which could be a signal for a drop to 1.1000.

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  • mlawson71
    replied
    YWxmTRu.png

    The pair broke out above the trend channel and its first target will be around 1.1770. I think there is a possibility for this breakout to lead to a test of the local high and after that there could be a corrective drop. In the alternate scenario the pair will form a new high.

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