The EURUSD is very bearish. Technically we can spot bear flag on H4 time frame and as I have shown in my last EURUSD analysis and Session Recap webinars 1.0835 was the place to go short. The last rejection from POC was good for 150+ pips and we can still pinpoint 1.0835 as POC for shorting into rallies. We can spot a confluence of historical sellers, H3 , bear flag top. Above there is a cluster of resistance (flagpole, EMA , H5 at 1.0900 zone ) and MACD is having bearish momentum too. That all tells us that the pair is very bearish.
We should pay attention to 1.0670. As i have been showing a lot of times 1.0670 is a VERY strong support supported by ACCU pivot point too. A strong break of 1.0670 is needed for 1.0592 and lower zones. There is a technical target overshoot below L5 on H4 timeframe. 1.0520 could be reached if 1.0590 break as we add the height of the flag pole to the breakout point of the flag.
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
EUR/USD fluctuates near 1.0700 after US data
EUR/USD stays in a consolidation phase at around 1.0700 in the American session on Wednesday. The data from the US showed a strong increase in Durable Goods Orders, supporting the USD and making it difficult for the pair to gain traction.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.