Bearish session today with technical breaks to the downside and the break below the key daily trendline. Before i get too bearish on this market one thing to pay close attention to, the weekly trendline connecting the lows Nov07-17' & Dec18-17'. Also note the 1.21 handle and the Sep04-17' high.
If the weekly trendline holds as support, the next major area of...
Triangle formation building with a flat top and higher lows. This from the Daily trendline. Area of resistance 1.2360 which would need to be broken if this market moves higher. If 1.2360 is broken that would be the bullish sign to look for intraday long set ups.
If the daily trendline is broken & also the 1.2280 level is broken too that would be bearish signal...
GBPUSD having broken higher through its 1.40 handle finding resistance at 1.4070 and the falling trendline connecting the major highs. Interesting area for support is 1.4025/1.4020 for a long and play this market back up to HoD or the 1.4050 handle and the falling trend line, high from Feb20. watch out for bullish price action off this level if its tested.
GBPUSD - 1.40 handle was key price for this market acting as strong resistance Teus, Wed & Fri. Above 1.40 is the is the descending line of the triangle which could provide resistance, lining up also with 1.4050 adding to the resistance. A break through would be more bullish & could generate intraday long set ups and potentially test of Feb16 high (1.4150). Before...
Following on from daily chart, looking ahead this week.
Major daily trendline runs right through the 1.23 handle, where bulls and bears are engaging in battle leading to a tightening consolidation on Thurs and Fri last week. Not giving us many clues as to the direction this market is headed. Connecting the highs and lows from thursday offers a nice triangle...
Looking in to this week, Eurodollar daily chart. General long term uptrend, ranging since mid Jan between 1.22 & 1.2550. This market holding its major trendline connecting Dec18 & jan 11 lows. Last Thursday intraday, price looked as though it may break below its trenedline before the bulls pushed price back above. All the while this trendline holds I am bullish...
Put my annotations on here for fun, I do not trade bitcoin.
Couple scenarios if you got time...
1. Price moves above the major trendline and the 11800 resistance (Feb20), would be more bullish.. then soon after, overhead is the 12750 resistance, if price breaks above both of those areas theres nothing until 17200.
2. Price falls back below 9300 support area and...
Looking to continue USD strength from overnight hawkish FOMC report. Good area of supply between 0.7830 - 0.7835, continuation of trend, fib 50% retracement, daily pivot and technical structure lining up together.
targets to the downside include session lows 0.7790, 0.7774 (Jan14 low point) & 0.7760 (Jan09 low point).
After a hawkish FOMC minutes USD rallied in to the asian session. Looking to continue the USD strength in to todays session. Technically eurusd broken its longer term TL from Dec 2018 indicating a trend change at least in the short term.
A brief push above 1.23, price would run in to several resistance points. Price would be testing the long term TL from the...
Price testing longer term trendline... also the 1.23 handle, and the highs from jan15 & jan19. Will be interesting to see if the trendline holds. Reward to risk is good at this level, ultimately aiming for the 1.25 area & 1.2550 highs and taking some off the table along the way in to the 1.24's. Intraday price is holding the s1 level so far, connecting the highs...
Support base building on the lows from Thursday & Friday last week at 0.7893 / 7900 handle.
First entry idea: Long off of 0.7893 with good reward to risk.
Second entry idea: Long on a brake above 0.7935.
Target areas to the upside 0.7967 High from Thursday 15 and 0.7990 high from Friday 16. Above that is the 0.8000 handle.
Currently long bias, however if...
Key support 1.40
areas to downside on brake of support 1.3980 & 1.3950.
Price pulled back from recent significant high made on Friday 1.4145/ 1.4150. If USD continues to slide good chance of a re test and even an extension higher above this high to continue medium term trend.
In the short term to the upside 1.4075 & 1.4100 if TL shown here if broken
