EUR/USD Ready To "Head" Out The Bottom Door?! - EU
Updated
Here I have EUR/USD on the 4Hr Chart!
Price has had quite a bit of trouble dealing with this Resistance Zone @ ( 1.09047 - 1.08841 )
Upon its attempts to Break above all last week Higher and Higher, these attempts failed and on the RSI, registered as Lower and Lower Highs, signaling the Bullishness is FADING!
The Last High @ 1.0948 was followed by a decline down to the clearly tested Support @ 1.08755
Now, Price is struggling with the same Resistance Zone as last week, ONTOP of dealing with a Falling Resistance created by the Highs made on the 17th & 18th.
If price is unable to go any higher and gives us a Lower Low in the ( 1.0910 - 1.092 ) Area, we could expect to see quite a STRONG REVERSAL chart pattern approaching ..
THE HEAD AND SHOULDERS!
*If Price Breaks and Closes above 1.09223, pattern INVALIDATED!
*If Price Breaks and Closes below 1.08755, pattern CONFIRMED!
Price has had quite a bit of trouble dealing with this Resistance Zone @ ( 1.09047 - 1.08841 )
Upon its attempts to Break above all last week Higher and Higher, these attempts failed and on the RSI, registered as Lower and Lower Highs, signaling the Bullishness is FADING!
The Last High @ 1.0948 was followed by a decline down to the clearly tested Support @ 1.08755
Now, Price is struggling with the same Resistance Zone as last week, ONTOP of dealing with a Falling Resistance created by the Highs made on the 17th & 18th.
If price is unable to go any higher and gives us a Lower Low in the ( 1.0910 - 1.092 ) Area, we could expect to see quite a STRONG REVERSAL chart pattern approaching ..
THE HEAD AND SHOULDERS!
*If Price Breaks and Closes above 1.09223, pattern INVALIDATED!
*If Price Breaks and Closes below 1.08755, pattern CONFIRMED!
Trade active
After price retraced to the 61.8% Fib Level, we can see it then falls drastically through the Kill Zone @ ( 1.08911 - 1.08839 )
Upon prices inability to break back above, I entered Sell Positions @ 1.0885!
SL @ 1.0905
TP @ TBD
Note
DXY is currently bouncing on this ( 104 - 104.26 ) Support Zone
As you can see we are beginning to see the formation of a STRONG Triple Candlestick Reversal Pattern ..
Three Stars In The South!!
Meaning we should expect to see strength in the USD!
Note
Price broke down below 1.08755, CONFIRMING the Head and Shoulders Pattern!!Note
Price has made its new Lower Low @ 1.0842!
French PMI Results are IN!!!
Manufacturing - 44.1 Actual v. 45.8 Forecast/45.4 Previous
Services - 50.7 Actual v. 49.7 Forecast/49.6 Previous
These mixed results have started to see Price on EU push back up to the Confirmation of Pattern @ 1.08755!
With German PMI Results to come @ 2:30 CST, lets see if price can make it up to Test the Break for more potential Sell Opportunities!
**BE AWARE! USD has Flash Manufacturing and Services PMI later this Morning!
Note
German Flash PMI Results IN!!Manufacturing - 42.6 Actual v. 44.1 Forecast/43.5 Previous
Services - 52 Actual v. 53.2 Forecast/53.1 Previous
Quite a disappointment
NEXT, EUR Flash Manu/Serv PMI Results @ 3 AM CST!
Note
EUR Flash PMI:Manufacturing - 45.6 Actual v. 46 Forecast/45.8 Previous
Services - 51.9 Actual v. 52.9 Forecast/52.8 Previous
Both results coming in at a disappointment!
USD Flash PMI:
Manufacturing - 49.5 Actual v. 51.7 Forecast/51.6 Previous
Services - 56 Actual v. 54.7 Forecast/55.3 Previous
Manu. coming in LOWER than expected, but Serv. picking up the slack!
We could continue to see USD overpower EUR!
Note
NEW HOME SALES RESULTS!!617k Actual v. 639k Forecast/621k Previous
This LOWER than expected print is giving EU the Bullish Push it needs to finish the Retracement to the Confirmation of Pattern @ 1.08755!
Novi_FIbonacci
Telegram - t.me/+l3fTcsZu91ZiZDkx
Telegram - t.me/+l3fTcsZu91ZiZDkx
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.