Sorry to interrupt, but you guys must be masochistic. eurusd is like a beached whale. It is basically flat. I wonder, do you want to make money or solve puzzles ? 😀 If you are into puzzles it is much cheaper to get rubick cube 😉
Wave analysis and forecast for 15.01 – 22.01: The pair is likely to grow.
Estimated pivot point is at the level of 1.0707.
Our opinion: Buy the pair from correction above the level of 1.0707 with the target of 1.1250 – 1.16.
Alternative scenario: Breakout and consolidation of the price below the level of 1.0707 will allow the pair to continue to decline to 1.06 – 1.05.
Analysis: Presumably, the formation of the local correction as the second wave ii of 3 has completed. Locally, it seems that the one-two wave (i) of iii is being formed, as well as the correction to it as the wave (ii) as a irregular. If this assumption is correct, the pair can continue to rise up to 1.1250 – 1.16. Critical level for this scenario is 1.0707.
On Friday session the single currency added value against the dollar, the price remained in wee known ranges. The pair added 54 pips and closed at 1.0917. The price moved above the moving average, while the index of relative strength remained on neutral territory. A break of the first support at 1.0854 will contribute to further decline.
On the last Friday’s session the EURUSD initially rose but found enough selling pressure to give back some of its gains but still closed in the green, in the middle of the daily range, in addition managed to close within the previous day range, suggesting that a consolidation is settling in.
The pair continues to close above the 10 and the 50-day moving average that are acting as a dynamic support.
The key levels to watch are: 200-day moving average at 1.1047 (resistance), previous swing high at 1.0984 (resistance), 10-day moving average at 1.0894 (support), the 50-day moving average at 1.0830 (support) and the last swing low at 1.0805 (Support).
The single currency recorded decrease against the US dollar on Monday. The session started at 1.0917 and ended 27 pips lower. The graphics continue to develop over moving averages, while the index of relative strength remained on neutral territory. The outlook remains negative and the levels at 1.0854 appear to be the main goal.
On yesterday session the EURUSD went back and forward without any clear direction although closed in the red, in the middle of the daily range, in addition managed to close within the previous day range, suggesting that the pair should continue with the consolidation.
The pair continues to close shy below the 10-day moving average but is still above the 50-day moving average.
The key levels to watch are: 200-day moving average at 1.1047 (resistance), previous swing high at 1.0984 (resistance), 10-day moving average at 1.0892 (support), the 50-day moving average at 1.0838 (support) and the last swing low at 1.0805 (Support).
Range is getting tighter and tighter, but the more I look at the weekly time-frame and the hanged man and doji candlesticks formed there under the resistance at 1.1000, the more convinced I become that when range ends there will be a significant move to the downside.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.