Building a case for long. How price gets into the zone would help determine if the setup would work out big. Between 1.1200 and 1.1230 would be the build zone
#EURUSD struggled last week (2019 W08). Still having a bullish view unless 1.1315 cannot hold. Above 1.1370 should provide momentum towards 1.1450 and 1.1500
Lots of negatives for the Euro zone, last week price has tested 1.1270 several times, Friday closed with a nice pin bar. A nice clear of 1.1315 should presents opportunities towards 1.1370. From a bigger picture, EURUSD created a nice up flow from 12th Nov to 10 Jan this year, and has corrected with an ABCD pattern (provided 1.1270 is the D point).
Long view is still valid. A strong close above 1.1500 would present a longer term bias and go for next level at 1.1600. Won't be a smooth ride with all the economic factors at play.
2019 is starting, will EURUSD hold above 1.1400 and breaks above 1.1500? There is strong likelihood that it might. Price has been consolidating between 1.1300 and 1.1400 since the drop on 30th Oct. And we see a new range began since 18th Dec. We would continue to look for long opportunities until otherwise.
Let's see if the pattern works out. Riding the initial short/mid term view since it is still valid.
EURUSD has been consolidating since the TLB. A break of 1.1500 will confirm the upward move. Shall give this a couple of weeks.
Would EURUSD hold and keep above 1.1300? A lot of wait and see, short term, I am long bias
Clearly, 1.1300 to 1.1400 is the consolidation zone. Price formations below 1.1300 should present sell opportunities. Conversely, a srong mov towards 1.1400and abovemight give us a run to 1.1500 and 1.1600
Buy on lows. If 1.1400 breaks, potential target zone around 1.1440 to 1.1470
If EURUSD were to test 1.1400 again, it might have the moments to clear it and drive higher to 1.15 and eventually to test 1.1600. Play zones as marked in green boxes.
If 1.1700 cannot hold, 1.1550 is a good target zone.
0.7800 support looked poised to be broken. Next level around 0.7680 region
If there is a retracement to 1.3280, should have opportunities to sell to support zone.
If a re-test of 0.7900, likely to consolidate within this 70 pips range (0.7830 to 0.7900) until further information is provided.
Technically, since the breach of 1.2000, price has stuck within range for 3 weks. Guessing a downward correction for this week after the German election.
A nice close below 1.1045 should give a good ride down to 1.1000 region