Investing.com – The dollar turned lower against the other major currencies on Friday, pulling away from a two-month peak after U.S. employment data for September disappointed analysts’ expectations.
EUR/USD rose 0.39% to 1.1193, off the two-month low of 1.1104 hit earlier.
According to the above information above the data out of the U.S was disappointing and affected the strength of the dollar against other currencies on Friday.I will have to wait and see how the dollar performs when market opens to identify more opportunities.
1. Always determine support & resistance which are indicated in the green & pink bars.
2. Market direction is indicated by 21 & 55 EMA.
3. Direction of price is indicated by 5 & 8 moving averages & stochastic cycles.
5. Golden rule: we sell high at resistance & buy low at support

EURUSD DAILY

DAILY IS CURRENTLY IN A RANGE. PRICE IS BETWEEN MM2 AND MM1 PIVOT. THE MOVING AVERAGES ARE VERY FLAT AS WELL INDICATING THE RANGE THAT WE ARE CURRENTLY IN.

EURUSD H4

PRICE JUST BROKE THROUGH WM2. A 5 8 CROSS HAS ALSO OCCURRED WHICH MAY INDICATE A CHANGE IN TREND.LAST TIME PRICE TESTED WPP WAS ON 05/10/16 BEFORE FALLING. I WILL WAIT FOR PRICE TO TEST WPP AGAIN SEE IF IT COMES DOWN TO WS1.

EURUSDH1-1.png091016-1

PRICE IS JUST ABOVE DR1. 21 EMA IS JUST BELOW THE 50 EMA. I EXPECT PRICE TO FALL BEFORE MAKING ANOTHER HIGH. MOVING AVERAGES ARE ALSO INDICATING A TURNING POINT IN THE MARKET. I'LL KEEP AN EYE ON LOWER TIME FRAMES TO CONFIRM THE BEGINING OF A NEW TREND.

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