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EURUSD WEEKLY CHART – EXTENDS LOW
As posted in our Weekly FX Chart Outlook
Most at risk is EURUSD, which found support below 1.06 on 2 days but failure to hold 1.08+ on the retracement keeps a risk on 1.0665 and 1.0600 should the 1.0682 be broken.
Extend low, pause so far just above 1.0665 (low 1.0668)
EURUSD 1 HOUR CHART – KEEP IT SIMPLE
To keep it simple, 1.08 is the buy/sell; bias indicator that will dictate whether the retracement has legs or the downside stays at risk.
To negate this retracement attempt and shift the focus back to the lows, 1.0746 would need to be broken.
On the upside, a move above the 61,8% level (1.0840) would be needed to shift the focus back to 1.09
Note the 2 blue Amazing Trader lines drawn off 1.0824, which indicated a change in the directional risk (back to the downside) has so far paused above 1.0746.
Current intra-day range 1.0760-90, too tight to last.
EURUSD 1 HOUR CHART – RETRACING
What caught my eye is the 1.0781 resistance a it coincides with a 38.2% retracement, which blocks the 1.0794 level.
Expect a limited upside unless 1.0800-10 is regained.
Given the straight line move down, use FIBOS as potential levels of resistance.
FIBOS 1.0937-1.0682
EURUSD 4 HOUR CHART – TRUMP TRADE PART 3 – HIGHER DOLLAR
Use today’s low (1.0703) as first area of support with 1.0685 and 1.0600 below it.
Back above 1.0780-00 would be needed to slow the risk
If I was a central bank I would have been in covertly to restore some order.
Note my warning that a stop may nit be a stop,
