The EURUSD is currently in uptrend/range but as I have already pointed out last week 1.1050 has been the target. EURUSD bounced almost hitting the target and then dipped towards 1.0900 support. We have 2 possible scenarios. 1.1000 is important POC zone (October trend line, H3, historical sellers, last swing high) and only H1/H4 close above 1.1000 or strong momentum break will take the pair up to 1.1050 and 1.1150 zone subsequently.
However if the pair stays below 1.1000 we can expect 1.0900 and 1.0805 possibly due to a strong confluence within the zone (WPP, historical buyers, E89). If the pair breaks below 1.0750 weekly L3 support we might see EURUSD dip to 1.0665 zone. In the wake of FOMC meeting we might see bi-directional move so be prepared.
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 clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.