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EURUSD | Perspective for the new week

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The ECB hiked interest rates on Thursday, following the lead of the U.S. Federal Reserve, and pointed to more tightening to come as increased fears of a potential global recession linger. In this video, we looked at the chart from a technical standpoint and we noticed that resumed selling pressure below the $1.07000 level since the beginning of this month could trigger a sell-off below the $1.06000 level in the coming week(s). However, we will not ignore the possibilities of a bullish momentum if buy pressure accumulates above the $1.06000 level to respect the bullish trendline.

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Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

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So, we finally have a support and resistance level for the week at the 1.05850 and 1.06150 respectively. A breakout of the resistance level happened a couple of hours ago and we are not sure if this is going to be the beginning of a bullish move. However, to make things easier for us, I have identified a bearish trendline (connecting the lower highs from the 1.07000) which we shall be using as a yardtick for trading activities as a breakout/restest will welcome buying opportunities and a rejection of this line will welcome selling opportunities with confirmation at a breakdown of the 1.06150.

Good morning

Dagangan aktif

Secure the buy position

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Price takes out the buy position at break-even as sell pressure resumes.

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Sell pressure continues

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Taken out with a small profit and we anticipate re-entry at the sight of selling pressure below the 1.06200 level

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After being taken out of the sell position, sell pressure continues below 1.06100 level. In as much as we continue to look out for selling opportunities below this structure, we can not ignore the possibilities of bullish momentum after considering the buying pressure around the 1.05850 zone which might lead price action to break out of the trendline and if a significant breakout of the trendline happens on the lower timeframe, we shall be getting ready to join a potential bullish momentum.

Good morning

Dagangan aktif

Secure the buy position

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A retest of the trendline is followed by buy pressure above the 1.06000 level to send a possible bullish signal

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buy pressure continues

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The second position is triggered; secure all positions as we look forward to adding more positions at the breakout/retest of the 1.06450 level. You might want to look at the replay of our live studio session this morning for insights on how to manage this trade (video on my uoutb channel)

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Currently out of all positions; the need to see how price action reacts to the trendline and 1.06000 level to make an informed decision. Update coming up soon

Dagangan aktif

Secure buy position

Good morning

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A choppy situation on this pair since the beginning of the week as buy pressure continues above the 1.06100 level. You might want to watch the replay of our live session this morning for insight on how to manage this trade (video on my youtub channel).

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A choppy set-up is what we have here as the price remains within the 1.06450 and 1.05850 channel in the last week to emphasize the indecision in the market. This might not be unconnected to the macroeconomic event coming up later in the day - The US Bureau of Economic Analysis will release the GDP growth for Q3. All buy positions still remain in profit at this juncture, we want to secure a ll positions while we wait for a signal in the form of either a breakout or breakdown of the channel for the next line of action.

Good morning

Dagangan aktif

Following a positive GDP of 3.2%, it's very likely that profit-taking activities might kick in which will lead to the breakdown/retest of the $1.06000 zone. You might want to watch the replay of our live session this morning for insight on how to manage this trade (video on my youtub channel).

Dagangan aktif

Secure the sell position as we look out for opportunities to add more position

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Price action takes out the sell position at break-even as we continue to monitor price action. Below the 1.06000 level still remains a zone to look for selling opportunities.

Good morning

Dagangan ditutup secara manual

What a choppy week it was on this pair as price action remains sandwiched between the 1.06450 and 1.05850 with no significant headway. Even though it was a break-even situation, congratulations guys... We live to trade another day!

Merry Christmas to you all!

darcsherry

Trade smart. Trade consciously

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