Not surprisingly EURUSD has bounced in London session making new weekly highs after the price has closed above 1.0920 on Friday. The pair was given additional boost after good German IFO report. German IFO represents one of the most important indications of an overall economic health. It is an early sign of a future investing and spending.
The pair perfectly touched 1.1113 as we could see then reversed. Currently the price is contained within a neutral territory just above the Rising Wedge and below double trend line confluence. If the pair proceeds to test 1.1113 again it could be an early sign of reversal towards 1.0920 then 1.0875 and 1.0780. We could see ( marked as blue rectangles ) historical sellers which are making double trend line confluence. It also rejecting H4 camarilla PP and 78.6 fib. If we get H4 close below 1.1080 it could give additional momentum to bears towards lower targets.
However for this scenario to be valid,1.1180 must stay unbroken (H5 and 88.6). We need to pay attention to yellow marked area (1.1115-1.1080-1.1055) as the next price movement will depend of the rejection of 1.1115, H4 close below 1.1080 and momentum break of 1.1055. If the price fails to do that, it could proceed towards 1.1185 boosted by month's end profit taking and general lower liquidity during holidays.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
Recommended Content
Editors’ Picks
AUD/USD posts gain, yet dive below 0.6500 amid Aussie CPI, ahead of US GDP
The Aussie Dollar finished Wednesday’s session with decent gains of 0.15% against the US Dollar, yet it retreated from weekly highs of 0.6529, which it hit after a hotter-than-expected inflation report. As the Asian session begins, the AUD/USD trades around 0.6495.
USD/JPY finds its highest bids since 1990, approaches 156.00
USD/JPY broke into its highest chart territory since June of 1990 on Wednesday, peaking near 155.40 for the first time in 34 years as the Japanese Yen continues to tumble across the broad FX market.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.