THE DOLLAR STRENGTHENED DUE TO HAWKISH COMMENTS FROM SOME FED OFFICIALS. A RATE INCREASE IS BEING CONSIDERED FOR THE NEXT FED MEETING THIS MONTH, WHICH IS GOOD NEWS FOR DOLLAR BULLS. THE MARKET WILL NOW LOOK TO FED CHAIR YELLEN’S SPEECH ON FRIDAY FOR FURTHER HAWKISH COMMENTS. HOWEVER ONE SHOULD KEEP IN MIND THAT YELLEN IS USUALLY DOVISH, AND FOR THIS REASON I AM A BEAR ON THIS CURRENCY PAIR.

EURUSD DAILY

MARKET IS SIDEWAYS. PRICE CURRENTLY AT MM2 SUPPORT. A RANGE STRATEGY WILL HAVE BULLS BUYING AT SUPPORT AND BEARS SELLING AT RESISTANCE. RESISTANCE EYED AT MPP & MM3.

EURUSD H4

MARKET IS SIDEWAYS, HOWEVER ONE COULD ARGUE THAT THE BOUNCE OFF WPP/21 EMA IS A LOWER HIGH. PRICE IS CURRENTLY AT WM2 SUPPORT WHICH COINCIDES WITH MM2. AS A BEAR I WILL WAIT FOR PRICE TO PULL BACK TO THE RESISTANCE CLUSTER OF DPP & WPP.

EURUSD H1

MARKET IS BEARISH. PRICE IS CURRENTLY AT DM2/WM2 SUPPORT. RESISTANCE IS IDENTIFIED AT DPP. I WILL LOOK TO PLACE A TRADE WHEN PRICE PULLS BACK TO DPP 1.0550.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.