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EURUSD 4H
Resistances at  1.08400 1.08550 and 1.08850
Supports at 1.07950 and 1.07650
The main question here is : Is this an Uptick prior to the continuation of down trend, or a beginning of formation for next push Up.
Not much of data this week – till Thursday – Economic Calendar, so the moves would be dictated mainly technically .
Currently – Intraday – we should treat 1.08200 as a pivotal .
GBPUSD 4 HOUR CHART
GBPUSD bounce off its 1.2574 low is so far just a retracement. To suggest a low is in, 1.2675 would need to be taken out, Currently, resistance at 1.2524 is being tested but this is only a minor level.
Note, EURGBP has backed off from .8600 and this has eased some of the selling pressure on GBPUSD.
EURUSD 15 Minute Chart
Look at this chart and then Click on the following to see Why I love Repeat Trades
And then scroll down to see my earlier EURUSD updates
EURGBP DAILY CHART – TRENDLIUNE TESTED
EURGBP tested its trendline at .8602, holding and taking some pressure off GBPUSD for now
Key res is at .8620.
Breakout above .8577 makes this first support that needs to hold to keep .8600 in play
Note, markets have pushed up expectations of a BOE rate cut to June, which has weighed on GBP
EURUSD 4 HOUR CHART – Magic level a focus]
The failure to test 1.0945 has seen EURUSD retreat in line with a firmer USD.
The key chart support, as I noted yesterday, is 1.0795 but the magic 1.08 level is probably equally important as it will dictate the tone going forward.
On the upside back above the broken 1.0831, at a minimum, would be needed to ease the risk to 1.08.
No data from the US today.
GBUSD DAILY CHART – Bailey turns dovish
The old trading adage that it’s the reaction to news more than the news itself that matters held true in the GBPUSD as it took another leg down after dovish comments from BOE Bailey in an FT article. Price moves (note firmer EURGBP as well) underscore how interest rate cut expectations are driving these markets.
I had to go to the daily chart to find potential support levels on the downside, So far, an AT support at 1.2578 is holding, below it there is one level ahead of the pivotal 1.25.
Hard to chase after a big move but it trades soft below the lower end of intra-day resistance is at 1.2645-75,.
Take a look at the 2 blue AT lines on the daily chart, the failure to test the 2nd line, and how the risk turned to the downside.
EURCHF Weekly Chart
I am having a bout of PTSD from the 2015 SNB-inspired flash crash even looking at this cross but a GV member asked me to post it.
I had to go to the weekly chart as the SNB surprise rate cut can be seen as a signal it wants to weaken its currency.
The weekly chart shows support as long as it stays above .8692.
On top, the key levels are not until above parity.
EURGBP 15 Minute Chart – Whipsaw
How to define whipsaw in trading:
Whipsaw in trading describes a sharp increase or decrease in an asset’s price, which goes against the prevailing trend. Whipsaw is different to other reversals because it is characterized by a sudden change in an asset’s momentum shortly after a trader has opened their position.
Today: EURGBP fell to its low after weak EZ flash PMIsand then turned bid after the BOE monetary policy decision
This is a whipsaw
Meanwhile, the chart does not show the key level on top, which is at .8576 (high so far .8573)
On the downside, expect support if .9550 holds.
EURUSD 4 HOUR CHART
I like to look at longer time frames even though I rarely trade using them. What it does is put the current price moves in perspective and help me determine which side to trade from.
What still amazes me looking at this chart is how Amazing Trader algo levels, which I would not have put on a chart drawn manually, often hold, such as the 1.0945 level in this chart (and I created the program).
Looking at the chart, 1.09 will continue to be a focal point until it is established on either side.
In the meantime, expect some support as long as it can hold above the 1.0877 level broken yesterday but on the other side, upside is limited unless 1.0945 is broken (high today 1.0942).
