EURUSD Potential Forecast | Tuesday 28 February 2023
Hi everyone!
Back again with another trade idea and set up on the EURUSD using smart-money concepts (SMC).
Fundamental backdrop
1. Sentiments in the market has been very data driven.
2. Monday's durable goods order m/m printed -4.5% mainly due to Boeing, the aviation company.
3. Resulted in heavy bearish market sentiments on the USD as it was completely off from forecast.
4. EURUSD trended up higher. (>50pips)
5. News will be sent to be corrected.
6. Consumer confidence coming out tonight, which due to the incredibly resilient economy of the US and the strong retails sales print, I am anticipating a good result.
7. Will be looking for the bullish movement to get corrected and a new higher timeframe low to be created.
Technical confluences
1. On the higher timeframe, price is still in a bear market.
2. Price has swept buy-side liquidity to the left.
3. Price has reached a key important H4 resistance level.
4. I will be looking for rejections off this specific level and for structure to break on the lower TF.
5. Overall, the higher timeframe swing target for short will be the weekly swing low at 1.04835.
Trade safe guys.
Remember to employ proper risk management strategies in the market.
Pleasure to have you all.
Regards,
Chern Yu
Back again with another trade idea and set up on the EURUSD using smart-money concepts (SMC).
Fundamental backdrop
1. Sentiments in the market has been very data driven.
2. Monday's durable goods order m/m printed -4.5% mainly due to Boeing, the aviation company.
3. Resulted in heavy bearish market sentiments on the USD as it was completely off from forecast.
4. EURUSD trended up higher. (>50pips)
5. News will be sent to be corrected.
6. Consumer confidence coming out tonight, which due to the incredibly resilient economy of the US and the strong retails sales print, I am anticipating a good result.
7. Will be looking for the bullish movement to get corrected and a new higher timeframe low to be created.
Technical confluences
1. On the higher timeframe, price is still in a bear market.
2. Price has swept buy-side liquidity to the left.
3. Price has reached a key important H4 resistance level.
4. I will be looking for rejections off this specific level and for structure to break on the lower TF.
5. Overall, the higher timeframe swing target for short will be the weekly swing low at 1.04835.
Trade safe guys.
Remember to employ proper risk management strategies in the market.
Pleasure to have you all.
Regards,
Chern Yu
Update to EURUSD current price action:
Price has came higher to sweep liquidity, followed by strong bearish momentum that broken structure. Trade idea is still very much intact and a new higher-timeframe low looks to be formed.