EURUSD COVERThe EURUSD is at confluence of support worth noting, that may lead to a promising New York Session today. At the bottom of this article I also highlight resistance that must be considered in this trade as well, so please read this entire article before considering a position. There is upper trend line resistance in the 4 hour view, the Weekly Central Pivot and the Monthly R1 that must break before entering a serious bullish position… If this upper resistance does not break in New York today, this trade opportunity may come into play in the next day or so when upper 4 Hour trend line resistance does break… if the support levels mentioned in this article don’t hold today, this is no longer a viable bullish setup.

1st Level of Support:  Previous High

The EURUSD has pulled back to previous high support at 1.12000 in the London Session today, which is a buy zone.

EURUSD PREV HIGH 1 HOUR  2nd Level of Support: 50% Fibonacci Retracement

You can see in the two charts below that price is at the 50% Fibonacci retracement of the most recent bullish rally. The 50% Fibonacci retracement level and the 61.8 retracement level below are both very legitimate buy zones. WM2  is just below the 61.8 retracement level here, so anything above WM2 support at 1.1162 is fair game for bulls in my book… however, for a conservative entrance, I would wait for upper resistance to break mentioned below and then wait for a pullback for the best value in your entrance.

EURUSDH1 50

50 LEVEL FIB

3rd Level of Support: Psychological Level 1.12000

The 3rd criteria of this confluence of support is the psychological level 1.12000.

You can see below that the Psychological Levels act as support and resistance for the EURUSD.

EURUSD pSYCH

4th Level of Support: Daily S2

The EURUSD is also finding support from the Daily S2 Pivot Point at the 1.12000 price level as seen below. EURUSD Daily Pivots

5th Level of Support: Daily 23.6 Fibonacci Retracement

In the Daily Fibonacci Analysis below, you can see price is now within range of the Daily 23.6 retracement level, which is valued support.

My daily profit targets are seen on this chart:

#1 Previous Highs at 1.13779

#2 +23.6 Fibonacci Extension Level at 1.15634

#3 +38.2 Fibonacci Extension Level at 1.17069

#4 +61.8 Fibonacci Extension Level at 1.19076

EURUSDDaily fIBO

 

EURUSDDaily zoom

RESISTANCE TO BE AWARE OF BEFORE CONSIDERING THIS TRADE

If your a bull on the EURUSD be aware that price is still below both the Weekly Central Pivot Point at 1.1222 and the Monthly R1 Pivot Point at 1.1227. Both, these pivots will need to be breached for momentous bullish price action in today’s New York Session.

Weekly Monthlly

Below is the previously mentioned 4 Hour trend line resistance.  When the previous trend line (seen below) was broken we saw bullish confidence. I would wait for this upper trend line to break before buying into the EURUSD today… or in the following days… EURUSDH4 TRENDLINES

One further note, 4 hour stochastic oscillator is oversold and is slowly crossing up as I write this article this AM…. but keep your eye on the upper 4 Hour trend line and MR1 and the WPP… we are slow through these levels… as of now…

4 hour stochastics

 

Kind Regards,

Tyler Lund

US DOLLAR ANALYST, FOREX.TODAY

6 thoughts on “EURUSD NEW YORK OUTLOOK”

  1. Jim Reddihough says:

    Very thorough thanks.
    Could you check Monthly R1 on next to last chart please?. It looks to be in same place as mine around 1.1227 but label on line and your narrative says 1.1362. Am I missing something?

  2. Tyler Lund says:

    Jim,
    Thanks for pointing that out… my Monthly Pivots had not updated correctly. I refreshed them and see that Monthly R1 is at 1.1227. I have noted the article with a new chart and updated the price level. We have not clearly breached MR1 and the upper 4 Hour trend line in New York today. So, I would keep your eye out for these resistance levels to break in the next day or so, then consider a position…

  3. Maciej says:

    This is fantastic article !!! Well done. You did not missed anything.

    At some stage i might ask you if you can share your monthly pivot point indicator 🙂

    Maciek

  4. Tyler Lund says:

    Thanks, the terrorist attacks today in Brussels may have spooked the market this AM… generally I would expect more volatility in the New York Session. This trade may play out in the next few days… Maciej… although I would love to, I am not able to share my indicators. They are part of a proprietary trading package that I don’t own the intellectual rights to. Jim, above has the same indicator … I am sure they are available online. Kind regards… Tyler

  5. Jim Reddihough says:

    Thanks Tyler

  6. Tyler Lund says:

    Thanks Jim

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