Greetings to all traders and speculators who are here in the forum!
Looking at the euro/dollar currency pair chart, it appears that we relied on one movement, but the pair, but it turned out to be entirely different. Instead of forming a graphical pattern for the reversal of the trend movement, a different graphical pattern for the continuation of the trend movement in the form of a “Ross Hook” was constructed. Theoretically, this movement was already discussed, however, our priority for the movement of the price today is in a downward direction. All is looking towards downside until the price formed a price range at the pivot points located at .1259 and 1.1194. It has been evident that the price cannot manage to update the nearest local minimum at approximately 1.1181, so after which it moved inside the price range formed by the extrema – 1.1259 and 1.1194. From here, we began monitoring the price movements aimed at breaking through the levels of this price range. It turned out that the breakdown of the resistance level at 1.1259 indicated to us the direction of continuing the price movement in the upward direction. Therefore, due to the fact that the price is directed upwards, the price has formed a local maximum at around the level of 1.1362. In addition to this local maximum, the price successfully formed a price range located at 1.1309 and 1.1362. So today, we will begin from this price range and develop on breaking through one of these levels of support and resistance. A non-pharm will be published today, so we will certainly have a breakdown.
Although I expected a slight correction yesterday, I did not rule out the possibility of the quotes moving up to the resistance level of 1.1345 or higher. Thus, I’m not that surprised when the quotes went up sharply, which is probably due to the weakening US dollar fueled by the ongoing riots and mass protests at the streets of the US. Nevertheless, I still expect a slight pullback in the EUR/USD pair, so from the current prices or when the quotes go to the resistance level of 1.1345, open sell positions with a profit to the support level at 1.1140, to which the pair will move on the price chart.
A pleasant day to everyone who is here in the forum!
Let’s discuss the current situation of the euro/dollar pair:
So Friday came to us very fast, which means that we will be examining tomorrow all the things we did throughout the week. Today, the data on changes in the number of people employed in the non-agricultural sector will be published, which indicates another unrest.
From the point of view of technical analysis, trading took place above the level of 1.1310, if we manage to consolidate under which, the initial weak signal to pullback will be received. However, the pullback opportunities are not deep, as the next level of support is already at the level of 1.1295. Therefore, the range between 1.1310 - 1.1295 comes out as the entry point for a long position.
On the hourly (H1) time frame, it can be seen how this currency pair simply continues its upward movement to the peaks. So we wonder how many bears already fell and will fall? It’s hard to tell. But as we analyze the daily time frame, where there are strong white candles, we still have a lot of areas to move.
Now, on the stretched Fibo grid, the development of the level of 138.2 is clearly seen; thus, it is believed that buyers will already start working with the development of the next benchmark, located at 161.8. Based on the indicator, a trend change can be noticed only when gaining a foothold under the level of 1.1246. While trading over the indicated level, all trials to decline it are just local correction, which can be done at any time. To sum everything up, the trading plan for today is as follows: buying from the range of 1.1310 - 1.1295 will be considered.
We now have again small bearish Pinbar suggesting we could see price pulling back down to the first support level at 1.12086.
Yesterday we had small bearish Pinbar that pushed the price back slightly before moving up. Today could be the same case.
Today is Friday that could cause price moving more down to 1.12366. Friday is the day when traders like to get out from the market and prevent possible loss over the weekend. Doing that, they are protecting profit earned through week.
I expect a movement to the south or through the level of 1.1550. And after the descent, my expectations are northern, but most likely this will not happen today, since it will take a lot of time to move around these levels, but if we go south through the level of 1.1550, the probability is much greater, then after the downward pullback, we will have no chance of going north, but today I’ll take
---------- Post added at 12:14 PM ---------- Previous post was at 11:59 AM ----------
I expect the northern pullback, after which I will continue to conquer the 14th figure.
It's most likely to be the last dash for bears.
But they are unlikely to be able to reach 1.15. I am planning to enter a bit earlier at a price of 1.1480.
It's also possible that before a downward movement, the price may hang out in the range of 1.1520 – 1.1450.
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