Euros made a move above 10950 but this could not be sustained and over night we have come lower....we are below 109 as such now we have to look at the downside potential...we would like to see Euros back above the daily pivot of 10917 before we would attempt longs...
If we cannot, then we shall come lower and we would be looking at further weakness with 10832/25 then the targeted area.
We are going to cover all short positions down to these lower levels and attempt longs...
We will hold longs unless we break below 10790....Only then will we see the market come lower for the 10712/00 support which held us up nicely the last time round....
We have to assume this will hold once more but as always when you see a market hold an important level twice...usually the 3rd time it breaks so please keep stops tight below here....
The research provided by Charmer Charts is provided solely to enable clients to make their own investment decisions and does not constitute personal investment recommendations. No recommendations are made directly or indirectly by Technicalanalysisreports.com or Charmer Charts as to the merits or suitability of any investment decision or transaction that may result directly or indirectly from having viewed the technical analysis investment research. Customers are therefore urged to seek independent financial advice if they are in any doubt. The value of investments and the income derived from them can go down as well as up, and you may not get back the full amount you originally invested. Derivatives and foreign exchange trading are particularly high-risk, high-reward investment instruments and an investor may lose some or all of his or her original investment. Also, if you decide to acquire any investment denominated in a different currency you should note that changes in foreign exchange rates may have an adverse effect on the value, price and income of the investment in your own currency. Technicalanalysisreports.com or Charmer Charts shall not be liable for any direct or indirect, incidental or consequential loss or damage (including loss of profits, revenue or goodwill) arising from the use, inability to use, interruption or non-availability of the technical analysis investment research or any part of the research materials published or otherwise any loss of data on transmission, howsoever caused. Whilst the research material published is believed to be reliable and accurate, it is not independently verified. Accordingly, no representation or warranty is made or given by Technicalanalysisreports.com or Charmer Charts, its officers, agents or employees as to the accuracy or completeness of the same and no such person shall have liability for any inaccuracy in, or omission from, such materials.
Recommended Content
Editors’ Picks
Australian Dollar maintains ground amid subdued US Dollar, US Nonfarm Payrolls awaited
The Australian Dollar rises on hawkish sentiment surrounding the RBA prolonging higher interest rates. Australia’s central bank is expected to maintain its current rate at 4.35% until the end of September. US Nonfarm Payrolls is expected to print a reading of 243K for April, compared to 303K prior.
EUR/USD: Optimism prevailed, hurting US Dollar demand
The EUR/USD pair advanced for a third consecutive week, accumulating a measly 160 pips in that period. The pair trades around 1.0760 ahead of the close after tumultuous headlines failed to trigger a clear directional path.
Gold bears take action on mixed signals from US economy
Gold price fell more than 2% for the second consecutive week, erased a small portion of its losses but finally came under renewed bearish pressure. The near-term technical outlook points to a loss of bullish momentum as the market focus shifts to Fedspeak.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.