I am a Bull on USD. Please be aware of the following USD news coming out today:
– Manufacturing PMI
– ISM Manufacturing PMI
– Crude Oil Inventories
EURUSD - Daily
Market (55 above 21) is flat. Price (8 above 5) is flat. Stochastic is moving sideways and looks like it wants to turn to the downside. Price opened the month in the Bull buy zone (MPP - MM2). Price is in a range with support at MM2/1.05 and resistance at MPP/1.065. Although price is at the support level, you cannot buy as Stochastic is not in the oversold zone.
EURUSD - H4
Market (55 above 21) is Bearish. Price (8 above 5) is Bearish. Stochastic is oversold. Price has opened at the beginning of the week at WPP/WM3 and as per pivot point theory, Bears will look to push price all the way down to WM1 which is the weekly profit zone. I am waiting for price to retrace back to the WPP/38.2 Fib to look for a sell entry or for price to come of 21 dynamic resistance. If that fails I will look at the next resistance level 50.0 Fib and 61.8 Fib for a sell entry.
EURUSD - H1
Market (55 above 21) is Bearish. Price (8 above 5) is Bearish. Stochastic is slightly moving up. As per my H4 chart, I will look for a sell opportunity at WPP/38.2 Fib or off the 21 dynamic resistance. If those resistance levels fails the next level of resistance is DM2/50.0 Fib or 61.8 Fib.