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EURUSD DAILY CHART – 1.10 OR BUST?
I remember when a 1% or more daily range in a currency was the norm. Now it seems to be reported as a big event.
As you can see on this daily chart around 1.10 is the current target but a weak EUR showing on its crosses suggests further overall USD weakness might be needed to test it.
On the downside, no key nearby support, and as the chart shows 1.0897 needs to hold to keep a bid.
EURGBP 1 Hour Chart
If you trade EURUSD and/or GBPUSD you should keep an eye on EURGBP.
Currently, blue AT lines are dominating, indicating either GBP strength or EURUSD is not as strong as charts show (same for other EUR crosses) and pointing the risk to the downside
Whatever the case, EURGBP .8500 is the current line in the sand.
I have a video on file how to use crosses to trade spot. Contact me if you would like a copy.
EURUSD
Supports : 1.09000, 1.08900 and 1.08400
Resistances : 1.09400 ad 1.09550
This is an Ancient Pattern called Jumping Rabbit ( can be a Squirrel or even a Wild Cat ), that indicates two possible scenarios : Jump high and stick to the Three or Jump, miss the branch and Fall quickly.
Now it depends on the Wise Man Data :
USD Unemployment Rate
USD Non Farm Payrolls
USD Average Hourly Earnings MoM
Economic Calendar
Following the Prophecy of the I-Know-It-all Guru and some analysis by Bleeding Edge Growth Fund & We Are So Tight , We Won’t Let Your Mother In Technology Fund , followed by behaviour of my Cat, we should see 1.10150 soon enough…
USDX (US Dollar Index) Daily Chart
Why am I posting this chart if I do not trade USDX?
– The dollar sell-off was broad-based so I took a look at a composite USD index
– EURUSD makes up 57.6% of USDX and can be an indicator for this pair
The two blue AT blue lines were a sign of a shift in directional risk to the downside and you can see how this played out.
The break of 1.0332 exposed 1.0779 as the next key target, so far it has paused just above it.
Look for a pause if 1.0279 holds but only a move back above 1.0332 would negate the breakdown.
EURUSD Daily
Tomorrows play will heavily depend on data :
EUR GDP Growth Rate YoY & QoQ
USD Unemployment Rate
USD Non Farm Payrolls
USD Average Hourly Earnings MoM
Check the Economic Calendar
However, it is clear that Buying is the name of the game
As Long as 1.08800 holds , we are eyeing 1.10000 area.
In the case the support is lost, it can only slow down the ascent as 1.08350 should underpin the pair .
