The Week Ahead: EURUSD
The EURUSD has been trading between a range of 1.1250 and 1.1470, with only a couple of breakout attempts.
Scenario A: On the 4 Hr chart we can see momentum looks to return downwards as the 0.382 level has held and the price is now trading below it. In addition, we see that price has traded below its parabolic level and the 20/50 HMA has crossed to the downside. All factors of a change in near-term direction. We see the market moving lower to 1.1300 as it's the nearest level then it could continue to fall lower from the retracement to 1.1250. Especially if it breaks the recent higher low of 1.1316.
Scenario B: If the reversal is not strong enough, or data comes out to suggest Euro strength, then opportunities lie from the price breaking 1.1375. The factors include that the market structure remains intact - higher highs and lower highs - price is still strong enough to continue higher and price could break the parabolic level which could potentially form around 1.1375.
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.
Scenario A: On the 4 Hr chart we can see momentum looks to return downwards as the 0.382 level has held and the price is now trading below it. In addition, we see that price has traded below its parabolic level and the 20/50 HMA has crossed to the downside. All factors of a change in near-term direction. We see the market moving lower to 1.1300 as it's the nearest level then it could continue to fall lower from the retracement to 1.1250. Especially if it breaks the recent higher low of 1.1316.
Scenario B: If the reversal is not strong enough, or data comes out to suggest Euro strength, then opportunities lie from the price breaking 1.1375. The factors include that the market structure remains intact - higher highs and lower highs - price is still strong enough to continue higher and price could break the parabolic level which could potentially form around 1.1375.
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.
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