EURUSD

This week will be very interesting for the USDollar and the Euro. EURUSD is bullish for the last 3 weeks now with a inverted Head & Shoulders around 1.05 key support. Still I have a very BEARISH bias on this currency pair. What can change my perspective is if the following happens:

To get BULLISH I need to see a clear break of the following resistance points;
- Break of the 200 Daily EMA.
- Break of the range of 1.07600 & 1.08000.
- Break of the 300+ Days Trendline.

These technicals combined with the following technicals of the DXY Chart:
- DXY is targeting 100 key support.
- Forming a Head and Shoulders pattern.

UPCOMING Dollar NEWS:
USD Fed's Yellen Speaks at Community Development Conference March 23

To sum up, I will not take trades untill the market gives me more information.

Just my opinion.

Save Trading.

Commentaire:

Happy Sunday,

Quick Update EURUSD, before I start last week I mentioned I would stay out of this market for the week. What we can see is that the market trapped a lot of sellers at this high. This is the main reason that I stayed out because of the lack of information.

The macro's are very interesting in Europe & the US, I would recommend reading about further developments regarding the US debt & the up-coming elections in Europe.

EURUSD Technicals:

- The market reached the 200 EMA.
- The market reached 1.8 key resistance.
- The market reached the trendline that is holding the market down.

I am waiting for a break through all the points mentioned above. This is an interesting point in the market, a lot of sellers are still in this market and if we break higher they have to cover their positions. This will lead to more buying pressure. Will we break this huge resistance? Everything is possible, we just have to adapt to what the markets are telling us and be patient.

Safe Trading.