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XAUUSD - Are We Still Bearish?Analysis: Price has been in this upwards trend for a while now but in the last couple of months we've seen that change and price has started to reverse and head to the downside. In recent times price was able to break past this long term upwards trendline that we've seen be respected multiple times, which signals to us that the bears are taking control of the market. In this last week we've seen price pullback and start to look bullish on the lower timeframes, however on the higher timeframes we are still bearish and this move is just a healthy pullback before we see a continuation to the downside. We're currently coming to retest this previous upwards trendline for resistance and we expect that this will now hold as support often turns to resistance once broken. For more added confluence, taking the fib retracement tool from the most recent swing high to the swing low we see that the 38.2% fib retracement level is lining up with this upwards trendline and our area of resistance which we'll talk more about in a minute. Whilst the 38.2% fib retracement level is the weakest fib retracement level we still often see it hold and with this area lining up with other confluences, we have a strong feeling that this level will hold and that we will see the bears push price down further from this level. At this area we also have an area of resistance. We've seen this level get tested multiple times in the past for support and resistance so we expect that it will be respected as resistance again and we'll see price make a move to the downside. With the USD as well being the strongest major currency we see gold making a continuation move to the downside. With all of the technicals lining up together and the USD strength we are bearish on gold until stated otherwise and with the USD news that is coming out later today we could see the catalyst we need for the USD to gain more strength and incise the bulls to push the USD higher, which in turn would drag gold down. Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We any comments at all so thank you! Stay Safe - The JPI Team Disclaimer: This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
OANDA:XAUUSDShort
by jpeacockfx
10
#Euro Weak, Primary Support at $1.0850Past Performance The Euro is under immense selling pressure and edging lower when writing. Per the EUR candlestick arrangement in the daily chart, there could be more losses below the immediate support levels, should the bears press on. As it is, $1.0850 is a critical sell trigger line to watch. Conversely, gains above $1.0930 or June 30 would likely trigger demand. #EURUSD Technical Analysis Sellers have been unrelenting, and the Euro is likely to drop even lower this week. The sell trigger is at $1.0850, aligning price action with the June 23 and 29 bear candlesticks. As it is, a sharp close below the current consolidation could allow sellers to double down on every attempt higher, targeting $1.0800 in the short term. If bears further press on, the next bear target is $1.0660 or May 2023 lows. Conversely, any unexpected revival driving Euro prices above $1.0930 cancels this preview, rejuvenating stretched buyers who may target $1.1000. What to Expect? Euro is overly bullish, but prices must float above $1.1000 for the uptrend to form a buy trend continuation. Per the current formation, the odds of prices tanking to $1.0800 remain high. Resistance level to watch: $1.0930 Support level to watch: $1.0850 Disclaimer: Opinions expressed are not investment advice. Do your research.
Long
by Bitcoin_Analyzer
NZDUSD - A Deep Pullback Or A Breakout?Analysis: We took a trade on this pair the other day but we ended up getting stopped out due to the bearish news that came out for the USD however we're going to take another shot at NZDUSD. We are still bearish on this pair because we're still in a downwards trend. We haven't formed a higher high yet which confirms that we're still in a downwards trend. Price has pulled back a fair bit but we see this as a deep retracement and a great shorting opportunity. We're currently at a key level which has held multiple times so we expect it to hold again. For more confluence at our area we also have the 61.8% fib retracement level which is often seen as the strongest fib level so we have more confidence that this level will hold and that this is where the bears will take back control. Another confluence factor that we have is the downwards trendline. This trendline has held multiple times before, causing huge rejections so we expect that this will happen again which is a positive for this setup. Fundamentally the USD is the 2nd strongest major currency whereas the NZD is the 4th strongest major currency so this goes in our favour to be on the short side of NZDUSD. For more fundamental confluence we have an increase in both long and short positions on the USD by institutions which is pretty neutral whereas for the NZD we didn't really have an increase in long positions but we did see an increase in short positions by institutions so this is yet another confluence on why we want to be shorting this pair. We have had some bearish news come out recently for the USD however on Wednesday when Fed Powell testifies we could see some bullishness coming back to the USD. If the market gets any reasons to go long on the USD then we would see this pair drop and with all of the technicals and fundamental analysis we've done we think that we'll see the bulls step back in on the USD which is why we are currently bearish on NZDUSD despite the current market conditions. Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read. We appreciate it all. Stay Safe - JPI Disclaimer: This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does to. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Short
by jpeacockfx
26
Euro Upswing Cools Off, Buyers Target Retest Of April 2023 HighsPast Performance Euro prices are steady when writing and trending inside the June 15 bull bar. Per the EURUSD candlestick arrangement in the daily chart, every attempt lower but above the $1.0850 support line may offer entries for aggressive traders angling for $1.1100. Any upswing above $1.0970 will trigger demand, pumping the Euro even higher. EURUSD Technical Analysis Currently, traders are upbeat, and the candlestick arrangement favors bulls. Provided prices are inside the June 15 bar; Euro buyers have the upper hand from an effort-versus-result perspective. Subsequently, traders can look to load the dips above $1.0850 or, more conservatively, above $1.0970, targeting $1.1100 and aligning with last week's buyers. This preview will be nullified if Euro prices dump below $1.0800, reversing gains of the anchor bar of June 15. What to Expect? Euro prices are relatively weak and possibly correcting the overvaluation of last week. The uptrend remains, and technical candlestick formation supports optimistic bulls. Since the retracement is with lighter volumes, the odds of buyers resuming the uptrend remain high. R esistance level to watch: $1.0970 Support level to watch: $1.0850 Disclaimer: Opinions expressed are not investment advice. Do your research.
Long
by Bitcoin_Analyzer
1
#Euro Contracts, Uptrend Remains But Support at $1.0800Past Performance Based on the daily chart, euro prices are bullish, reading from last week's solid performance, but are now lower. Following the rapid expansion on June 14, the cool-off on June 15 means an element of overvaluation. Subsequently, Euro prices might contract but remain bullish if prices are inside the June 14 bullish engulfing bar. #EURUSD Technical Analysis The uptrend remains, and Euro buyers are in control, anchored by last week's gains. The cool-off of June 15 and 19 will likely continue. Notice that prices on June 20 were above the upper BB in the daily chart. This formation suggests that the uptrend is oversold and the currency, at spot rates, is above equilibrium. Subsequently, the Euro might track lower, likely towards the $1.0850 zone, for a balance to be struck. Any sharp close above $1.0970 nullifies this preview. However, aggressive traders may look to short on lower time frames targeting $1.0850. Losses below $1.0800 nullify this bullish outlook. What to Expect? Buyers are confident, but Euro prices appear overvalued. As such, traders can look for entries to short with targets at June 14 lows. Even so, the uptrend remains, and this immediate forecast will be void if Euro prices surge above $1.0970. Resistance level to watch: $1.0970 Support level to watch: $1.0800 Disclaimer: Opinions expressed are not investment advice. Do your research.
by Bitcoin_Analyzer
#Bitcoin Bounce But Bearish, BTC Price Resistance at $26kPast Performance of Bitcoin Bitcoin recovered on June 15, but bears remain in control. The June 14 bar is critical in shaping the short-term trend. Since the candlestick is bearish engulfing and broke below the June 6 lows, the bear breakout formation set in motion by the June 5 bar remains. Technically, traders can look for entries to short on every attempt higher below the $25.5k and $26k zone, targeting $22.5k or lower. #Bitcoin Technical Analysis The present trend is bearish, and the June 14 bar defines the short-term. It is a bearish engulfing bar that forced the coin to new H2 2023 lows. However, while the bounce on June 15 may trigger demand, bears are in control, provided prices are within the June 14 bar from an effort-versus-result perspective. Since the recovery is also with lighter volumes, there is a high chance that the bounce may stall. Still, a breakout above $26k, reversing June 14 losses, may question the downtrend, possibly invalidating the preview, especially if bulls build on the formation over the weekend. As it is, the immediate trend in a possible bear trend continuation formation mirroring June 5 bar is $22.5k and later $20k What to Expect from #BTC? Technically, the uptrend remains from a top-down preview as long as gains from March to April haven't been reversed. BTC may recover above $28.3k, but before then, the immediate resistance is June 14 highs at $26k. Contractions today may draw more sellers targeting $24.5k, $22.5k, and $20k in the sessions to come. Resistance level to watch: $26k Support level to watch: $24.5k Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
#Euro Rallying, Bulls Targeting April Highs at $1.1100Past Performance The Euro bounce is clear, and the currency is now up 2.95% from June 2023 lows. As it is, every attempt lower but within the June 15 bar is an opportunity to load up, targeting $1.1100 or April 2023 highs. Any dump below $1.0770 will nullify this preview. #EURUSD Technical Analysis The June 15 bar is wide-ranging, with decent volumes pointing to high engagement. Even though the bar confirms the bullish breakout of June 8, which also forced prices above the middle BB—or the 20-day moving average, it may be climactic. Therefore, though the first target is $1.1100, a retracement within the June 15 bar at around $1.0800 may allow aggressive traders to double down, aiming to ride the leg up. For now, the trend continues the March to April bull trend. Any loss below $1.0770 invalidates this preview. What to Expect? Euro may expand further towards $1.1100 in the days ahead. The primary trend is bullish, in sync with gains from March to April. With prices recovering from around $1.0600, the 78.6% Fibonacci retracement level of the March to April 2023 range, the Euro could retest $1.1100. Resistance level to watch: $1.1100 Support level to watch: $1.0800 Disclaimer: Opinions expressed are not investment advice. Do your research.
Long
by Bitcoin_Analyzer
AUDUSD - Deep Pullback Before A Drop?Analysis: To start off with this isn't our favourite setup. We don't have any added confluences which whilst aren't required for a trade to be valid in our opinion, they are still a nice thing to see and they provide more confidence. With that being said just because we don't have the these added confluences this setup is still valid and there are a few reasons why fundamentally. Firstly the technicals though. We're clearly able to tell that currently we are in a downwards trend. Price has made a pretty big move to the downside and we expect that this will continue. We're interested in shorting from this area however as at this level we have a key major level of resistance. We expect that this is where the bears will be sat at wanting to push price further down. Fundamentally the USD is the 2nd strongest major currency whereas the AUD is the 3rd weakest major currency so before we even look at any other fundamental data this is already going in our favour. Recently we saw a decrease of 14468 long positions by institutions on the AUD signalling to us that we might want to stay clear from going long on the AUD. Institutions have access to a lot more data then retail traders so if they are staying clear from buying the AUD then there is probably a good reason for this. Knowing this helps out our idea and is another reason on why we are short AUDUSD. Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read. We appreciate it all. Stay Safe - JPI Disclaimer: This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does to. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Short
by jpeacockfx
29
#Euro Firm after FED Paused Rate Hikes, Bulls Target $1.1100Past Performance The Euro is firm at spot rates. While the FED's move to briefly pause interest rate hikes forced the currency lower in the NY session, the uptrend is clear. As such, every low above $1.0770 offers entries for aggressive traders angling for $1.0950 and $1.1100 in the medium term. #EURUSD Technical Analysis The uptrend is clear, and the Euro is bottoming up. In a bullish breakout formation, the currency trades above the dynamic resistance, now support, marked by the 20-day moving average. At the same time, it is above the $1.0770 resistance level, currently support, marking June 8 highs. This optimistic preview holds provided prices are above this clear support line, at $1.0770. As such, every low offers entries for aggressive and optimistic traders expecting an eventual retest of April highs as the price trend aligns with the March to April 2023 formation. What to Expect? The USD is firm, but price action currently supports Euro bulls. The Euro is bullish above $1.0770 and may form the basis for even more gains towards $1.0900 or better in sessions ahead. Resistance level to watch: $1.0950 Support level to watch: $1.0770 Disclaimer: Opinions expressed are not investment advice. Do your research.
Long
by Bitcoin_Analyzer
#Euro Tears Higher, Foundation for Rally Back To $1.1100?Past Performance The recent accumulation of the Euro prices ended supporting buyers, looking at the performance in the daily chart. The Euro is trading above immediate resistance, support, and the middle BB—a net positive. From the candlestick arrangement, every dip above $1.0770 may offer an entry for optimistic traders as buyers likely extend their gains. #EURUSD Technical Analysis The rally on June 8 is a confirmation of the June 1 bull run. Although participation was relatively low, it is within range, supporting this emerging formation. As the Euro breaks higher, traders may find entries on dips above $1.0770 or within the June 8 bar should prices correct today. In that case, this outlook will remain valid, provided prices are above $1.0700. The immediate target for Euro buyers is $1.0850 and $1.0900 in the medium term. What to Expect? Following sharp losses throughout May, the Euro is bouncing from the 78.6% Fibonacci retracement level of the March to April 2023 trade range. At this pace, the Euro could eventually retest April highs at $1.1100 in a buy trend resumption formation. Resistance level to watch: $1.0850 Support level to watch: $1.0700 Disclaimer: Opinions expressed are not investment advice. Do your research.
Long
by Bitcoin_Analyzer
#Euro Ranges inside a Bear Flag, Support At $1.0660Past Performance Euro prices are lower as USD bulls found support. Technically, the downtrend remains. In the short term, the bulls of June 1 could shape the trend. For the uptrend to take shape, there must be a sharp, high-volume expansion above $1.0770 or June 1. Conversely, sellers would double down if EUR prices slip below $1.0660 and $1.0600 in the short term. #EURUSD Technical Analysis Broadly, EURUSD remains in consolidation as a possible bar flag forms. After a sharp sell-off, EUR briefly had support but failed to confirm buyers of June 1. Amid this sideways movement, there are clear support and resistance levels. Since the dominant trend is bearish, there could be entries for shorts, provided prices are below June 1 at $1.0770. Any unexpected surge above this level may see the EUR rally to $1.0850 and higher in the session ahead as the Euro recovers. Conversely, there could be more losses towards $1.0500 should prices break below $1.0600 at the back of high trading volumes. What to Expect? Sellers have the upper hand, but prices are confined within the June 1 bull bar. With clear resistance and support as a bear flag forms, conservative traders can wait until a new trend emerges, either above $1.0770 or below $1.0660. Resistance level to watch: $1.0770 Support level to watch: $1.0660 Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
#Euro Rejects Sellers at $1.0660, Is The Bear Run Over?Past Performance The Euro remains volatile when writing, shaking off bears, and rejecting attempts for lower lows. With the June 5 bar closing with a long lower wick, it could suggest that the Euro found support in the late European and NY trading sessions. The immediate support and sell trigger lines remain at $1.0660 and $1.0600. #EURUSD Technical Analysis Overall, sellers have the upper hand. However, looking at the daily chart, prices are moving horizontally. Notably, the rejection of lower prices, clear in lower time frames, could form the base of a leg up towards $1.0850. Already, there is evidence of strength in the daily chart as the Asian session started off a strong footing. Still, before the shift turns bullish, traders should watch how prices react at the top of the current range at around $1.0780, marking June 2 high. A conclusive, high-volume break out propelling the Euro to new highs may trigger demand, setting the base for a leg up towards $1.1100 in the medium term. What to Expect? Euro prices remain in a broader consolidation. Even so, the leg higher and rejection of lower prices on June 5 may signal the end of the bear run. Therefore, conservative traders can wait for a clear breakout above $1.0780 before buying on dips targeting April highs. Any dump below $1.0660 and later $1.0600 cancels this preview and would fuel a sell-off towards $1.0500. Resistance level to watch: $1.0780 Support level to watch: $1.0660 Disclaimer: Opinions expressed are not investment advice. Do your research.
by Bitcoin_Analyzer
#Euro bulls slow down, Buyers Have A Chance above $1.0670Past Performance Euro prices edged lower on June 2, reversing most gains posted the previous day. However, while USD bulls appeared to have the upper hand, trading volumes were lower, solidifying the bullish outlook. Therefore, while bears are optimistic, June 2 losses could be reversed should Euro bulls step in today. #EURUSD Technical Analysis The path of least resistance is southwards, at least looking at the performance in the daily chart. After a near 3.6% drop from April peaks, there could be hints of strength in the near term. For now, the immediate reaction points for traders should be at $1.0780 and $1.0670, defining the June 2 trade range. For the uptrend to take shape, there must be an expansion above last week's highs, ideally with rising volumes. This would open up the Euro for a possible retest of $1.0850 in the medium term. Conversely, trend continuation favoring USD bulls will only be confirmed if there are losses below $1.0670 with high participation. What to Expect? Euro bulls are optimistic, but whether the reversal initiated from the second half of last week would continue depends on if there is a conclusive close above $1.0780. If not, USD bulls would likely press on, heaping more pressure on the Euro. Resistance level to watch: $1.0780 Support level to watch: $1.0670 Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
1
Euro Shakes off Bears as It Bottoms Up, Bulls targeting $1.0850Past Performance There is a welcomed revival in the Euro following a worrying 3.6% dip from April highs. The long lower wick of May 31 was followed by a bullish engulfing bar on June 1, reinvigorating buyers. With prices above $1.0760, there is room for further gains in the immediate term towards $1.0850. EURUSD Technical Analysis Buyers are confident of the current formation, reading from the EUR price action in the daily chart. The June 1 bar is wide-ranging with decent volumes, suggesting participation. With today's fundamental event, buyers may add to their longs, extending gains and marking the Euro bottoms. As it is, this could trigger more demand as bulls from March and April resume. Notice that the Euro has support at the 78.6% Fibonacci retracement level of the March to April 2023 trade range. As it is, Euro, if the buying pressure is sustained, could float back to $1.1100 or April highs. What to Expect? The Euro could be in the early stage of a refreshing reversal if there is a follow-through of yesterday's gains. In that case, Euro traders can double down on every attempt lower above $1.0630 and $1.0760, targeting $1.0850 in the medium term. Resistance level to watch: $1.0850 Support level to watch: $1.0630 Disclaimer: Opinions expressed are not investment advice. Do your research.
by Bitcoin_Analyzer
#Bitcoin Bears Resilient, BTC On The Loss As Gains ReversedPast Performance of Bitcoin Bitcoin prices are lower when writing, dropping from yesterday's lows as gains of May 28 are strongly reversed. Even though the upside remains, at least from a top-down preview, the loss below FWB:27K should be a concern for holders. For now, conservative traders should track how today's close will be. If it closes below FWB:27K , the odds of further dips toward $25.8k will be increased. #Bitcoin Technical Analysis At spot rates, BTC remains inside a broad trade range. On the upper end, resistance is at $30k and $31k. Meanwhile, support is at $25.8k on the lower end. As prices oscillate, the BTC price action is in a trading range. However, the primary trend remains to be upward from a top-down preview. Based on this, risk-on traders can wait for a conclusive close below $25.8k before loading, aware that any gains above $28.3k and $30k nullifies this preview, allowing buyers to resume their uptrend and mirroring March to April trade range. What to Expect From #BTC? As bears press on, BTC will likely drop lower towards the primary support range, mirroring losses of mid-April. How prices react at this level will determine the short to medium-term trajectory. A sharp breakout below $25.8k may trigger a sell-off pushing BTC toward $22.5k Resistance level to watch: $28.3k Support level to watch: $25.8k Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
#Euro Sell-off, Was the Recent Drop to $1.0630 Climactic?Past Performance EUR price crashed on May 31, dropping to as low as $1.0626. However, the long lower wick at the end of the session could provide a glimmer of hope for bulls. Presently, the downtrend remains, and USD bulls are emphatic. As it is, the Euro is down 3.6% from May 2023 highs. #EURUSD Technical Analysis EUR prices remain in range at spot rates but within a bearish formation. Every attempt higher below $1.0740 may provide an opportunity for sellers to double down in lower time frames. The immediate target for day traders will be $1.0630, or May 31 lows. Conversely, if yesterday's bearish bar was climactic, marking the end of the recent bear run, there must be a comprehensive close above $1.0740 with expanding volumes. In that case, the EUR may bounce to $1.0850 in a welcomed recovery. What to Expect? Bears are dominant, and bulls are struggling to tame the drain. The drop of May 31 was with expanding volumes, and the range was relatively high. With prices inside the candlestick, there could be more sell-off waiting. However, considering yesterday's gains in the NY session, there might be some breathing space for optimistic Euro bulls. Resistance level to watch: $1.0740 Support level to watch: $1.0630 Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
#Euro Dumps As Sellers Double Down, Resistance at $1.0760Past Performance The reprieve of Euro bulls was quickly reversed on May 31 as the sharp liquidation ended attempts for higher highs and reversed gains. As it is, sellers are back in the picture, and yesterday’s highs at around $1.0760 will act as the liquidation line and resistance for aggressive short sellers. #EURUSD Technical Analysis The path of least resistance is defined and remains southwards, reading from the candlestick arrangement in the daily chart. Traders looking for entries should search for short opportunities in lower time frames. This applies if prices are below the critical resistance levels of $1.0760 and $1.0850 in the short and medium term. Even so, the rapidity of the sell-off has been decreasing in recent days as bear bars diverge from the lower BB. It could imply that the trend downside momentum is fading, dampening volatility. What to Expect? Sellers have the upper hand if the Euro remains below $1.0760 and $1.0850. Still, how fast prices will dump depends on if there is confirmation with a wide-ranging bear bar printing and forcing prices below yesterday’s lows of around $1.0680. Resistance level to watch: $1.0760 Support level to watch: $1.0680 Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
#Euro Finds No Relief, USD Bulls Press On Targeting $1.0500Past Performance From the EURUSD daily chart, it is evident that sellers are in control, taking charge. USD bulls have been relentless, and at this pace, EUR prices may easily slip to $1.0500, retesting March 2023 lows. Notably, the banding of bars along the lower BB suggests that the selling momentum is strong, indicating that there could be more losses in the days ahead. #EURUSD Technical Analysis Every attempt higher in the EURUSD chart, below the $1.0750 resistance line, could offer an entry for aggressive sellers angling for a retest of $1.0500. As it is, the candlestick arrangement strongly favors sellers who appear to be setting their eyes on March lows. Besides the alignment along the lower BB, the past few candlesticks have closed with long upper wicks showing that sellers have quashed all attempts for higher highs. As EUR breaks down lower in lower timeframes, traders could search for riding the trend. What to Expect? Without a sharp expansion above $1.0750, sellers remain in control. The downside momentum might not be as strong as last week. Still, EUR is under pressure and could continue posting losses in the session ahead since the candlestick arrangement favors USD bulls. Resistance level to watch: $1.0750 Support level to watch: $1.0500 Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
#Euro Bearish despite doji formation, Primary Support at $1.0700Past Performance Euro is bearish, and gains on May 26 were turbulent, supportive of sellers. However, with a doji forming and prices trending below $1.0760, there are hints that sellers could press on. Thus far, prices are around last week's lows at $1.0700 and could break lower in spite of today’s gains. #EURUSD Technical Analysis The short-term trend favors sellers. Resistance remains at $1.0760, and it is yet to be seen whether bears will press on, forcing prices below $1.0700 primary support. The doji bar on May 26 points to indecision and volatility. After sharp losses in the past two weeks, the Euro will likely bounce back, closing above $1.0760. Still, if this pans out depends on how prices react at $1.0760 in the short term. A sharp, high-volume close could see the Euro edge higher. If not, losses mirroring the recent pattern could heap more pressure on the Euro, sending it toward $1.0500. What to Expect? Sellers are firmly in control, but price action may favor short-term bulls. All this depends on if buyers will build from last week, expanding towards the $1.0760 reaction line. Resistance level to watch: $1.0760 Support level to watch: $1.0700 Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
#Euro Crumbles as USD Bulls Push On, Up Next $1.0500?Past Performance The immediate trend is resoundingly bearish and is apparent in the daily chart. Despite earlier attempts by Euro bulls, gains were quickly reversed as USD pressed on. As it is, there may be more losses today as price action aligns with last week's trend. #EURUSD Technical Analysis The sharp drop on May 24 shows that USD bulls are firmly in control. Prices are now trending lower, retesting last week’s lows meaning every attempt higher may be an opportunity to double down. Notice that bear bars are riding the lower BB. It points to intense liquidation pressure. Therefore, with prices dropping, traders may ride the trend as long as $1.0850 or May 18 highs hold. The short-term target is $1.0500, or March 2023 low. What to Expect? The trend is clear, and bears are dominant. As USD bulls push harder in a breakout, traders may position themselves for more losses as bears press on. This preview is valid as long as prices are below May 18 highs. Resistance level to watch: $1.0850 Support level to watch: $1.0760 Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
Euro Remains Bearish Despite Gains, Resistance at $1.0850Past Performance Euro prices edged higher on May 22. However, bulls didn't peel back the losses of May 18. As such, the downtrend remains, and the bearish bar of the second half of last week shapes the immediate trend. Resistance remains at around $1.0840 while support is at $1.0760, marking May 19 lows. #EURUSD Technical Analysis Price action remains tepid, with no strong push above or below critical levels. Given the sharp drop of last week, sellers have the upper hand. Therefore, traders can look for shorting entries on every attempt toward $1.0840. However, if bulls push, and the expansion is bullish, engulfing with an uptick in volumes, Euro could rise towards $1.0950 in the short term. Conversely, any drop below $1.0760 and last week's lows may draw more sellers, confirming last week's losses. In that case, the Euro may drop toward $1.0500 in the days ahead. What to Expect? After sharp losses last week, Euro bulls started on a stronger footing in an expected correction. Even so, the correction won't last, provided $1.0850 is the immediate resistance, limiting the upside. From a top-down preview, the immediate trend is southwards unless there is a clear shift in price action in the daily chart. Resistance level to watch: $1.0850 Support level to watch: $1.0760 Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
#Euro Meltdown Reducing, Is There Hope For Bulls?Past Performance Euro prices are low when writing, but following last week's close, there is hope for bulls. Specifically, the rejection of lower lows means prices are now within the bear bar of May 18. The immediate reaction levels to watch are $1.0850 and $1.0760, marking the recent climactic bar's trade range. #EURUSD Technical Analysis The path of least resistance is southwards. All the same, the rejection of lower prices on May 19 could spur demand. In lower time frames, the Euro edged higher in the NY session with expanding volumes. At this pace, this could spill to today, propping the Euro and reinvigorating bulls targeting $1.0850. If today's close is above May 18's high, the Euro may recover towards $1.0950 in the days ahead in a possible correction. Conversely, any drop below last week's low opens up the Euro for a potential fall to $1.0500 in a bear trend continuation pattern. What to Expect? Prices are consolidating, slowing down after sharp losses in the first half of last week. For now, traders should watch how prices react to key levels of the March 18 bear candlestick. This would likely shape the immediate to medium-term trend. Resistance level to watch: $1.0850 Support level to watch: $1.0760 Disclaimer: Opinions expressed are not investment advice. Do your research.
by Bitcoin_Analyzer
#Euro Sell-Off Continues, Bears Step Up Targeting $1.0500Past Performance The Euro is dumping hard. From the daily chart, sellers are stepping up their liquidation, forcing the coin. Although yesterday's losses could be climatic, the bar is wide-ranging and defines the upcoming EURUSD price action. As it is, not only can traders target $1.0730 but also set sight on $1.5000 in days ahead. #EURUSD Technical Analysis Sellers are in the driving seat, and USD bulls are unrelenting. This formation is as expected as aligned in the weekly chart where sellers are confirming last week's losses. Moreover, bear bars are riding the lower BB, which remains diverged from the 20-day moving average, indicating intense selling pressure and high volatility. At this pace, and if today ends up lower, USD bulls may look to sell even more as long as prices are below $1.0850—or May 18 highs. In this case, the immediate target will be March 2023 lows at $1.0500. What to Expect? Unless otherwise there is an unexpected expansion reversing yesterday's losses, the downtrend remains, and sellers can continue dumping on every attempt higher toward May 18 highs. The short-term target at $1.0730 could be tested earlier as swing traders expect more drawdowns in the upcoming session. Resistance level to watch: $1.0850 Support level to watch: $1.0500 Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer