Sometimes no position is the better position!

FX:EURUSD   Euro / US-Dollar
317 0
Weekly gain/loss: + 62 pips
Weekly closing price: 1.0621

Following a three-week slide, renewed buying interest came into the market last week from the top edge of a major weekly support area at 1.0333-1.0502 that’s bolstered by the 2017 yearly opening level at 1.0515. In the event that the bulls continue to push forward this week, the next upside objective in view can be seen at 1.0819/1.0873 (weekly resistance/the 2016 yearly opening base).

Since the 22nd February, the daily candles have been sandwiched between a daily support hurdle coming in at 1.0520 and a daily supply area drawn from 1.0676-1.0608. If this daily supply is violated this week the next level on the horizon is a nearby daily resistance seen at 1.0710. On the other hand, a downside move through the daily support could set that stage for a continuation move south down to a daily support level pegged at 1.0360.

A quick recap of Friday’s action on the H4 chart shows that the pair ended the day on a positive tone, closing above the H4 trendline resistance extended from the high 1.0714. In spite of Janet Yellen’s recent comments regarding a potential rate hike in March, dollar bulls were clearly not impressed!

Our suggestions: On account of the above notes, we see the following:

• While the H4 candles did indeed close above a H4 trendline resistance, the bulls have to contend with not only the H4 resistance zone marked with a green circle around the 1.0630ish range, but also the daily supply mentioned above at 1.0676-1.0608!

• On the other side of the coin, the break above the H4 trendline resistance could be viewed as a mark of strength given where weekly price has just bounced from.

Both of the above points are valid, in our opinion. However, trading this market based on either, as you can see, would place you in direct conflict with opposite structure. Therefore, although it may not feel like the right move, sometimes trading flat is the more logical position to take.

Data points to consider: FOMC member Kashkari speaks at 8pm GMT .

Get real-time trading updates at our official Telegram group : https://t.me/ICMarketsroom
DE Deutsch
EN English
EN English (UK)
EN English (IN)
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Startseite Aktien-Screener Forex-Screener Krypto-Screener Wirtschaftskalender So funktioniert es! Chartmerkmale Hausregeln Moderatoren Webseite & Brokerlösungen Widgets Stock Charting Bibliothek Feature-Anfrage Blog & Nachrichten FAQ - Häufige Fragen & Antworten Hilfe & Wiki Twitter
Profil Profileinstellungen Konto und Abrechnung Meine Support Tickets Support kontaktieren Veröffentlichte Ideen Followers Ich folge Private Nachrichten Chat Abmelden