EURUSD Analysis (ongoing thread)

[ForexViking]

18/04/2022 - EURUSD weekly analysis.

Will be mostly quiet today (18th) as Easter but on Tuesday keep all eyes on USD fundamentals.

Still hanging around the strong 1.08 support mark waiting for a move.

As last week 1.08-1.075 still looks like a strong place of support on the downtrend line, probably consolidating awaiting a move.

All in all no major shock to markets post-ECB sell-off this week due to things being priced in and holidays for markets on Friday through to Monday (18th).

Dovish ECB did push markets down to 1.075 but recovered quickly ahead of the holidays.

I’ll probably be seeing if we’ll be hitting 1.07 again this week if failure to settle 1.08 which will start to show a bottom for me on the lower trend line.

My gut feeling is that longing from here might be a good choice technically with SLs set to around 1.06 as I think we’re seeing the sells overstretched and looking like a fake-out.

If tighter SL needed for longs I’d wait to see how markets settle on the 1.08 support.

Things to look out for:

“the FOMC enters its pre-policy meeting media blackout as of Saturday, so the markets will be totally cast adrift to speculative interpretation.”

• “doves are still firmly planted as was evidence by the European Central Bank’s push back against carry over interpretation of a necessary acceleration in rate hikes from US and UK counterparts.”

Well, looks like we’re about to burst, where do you think we’re going?

 

[TareqS]

The pair has been bearish for a long time in the daily chart. The lower band may work as support. However, the price may find out its resistance and head towards the South again. Since the channel has been bearish, it suggests that the price may not produce a Double/Triple Bottom horizontally.

 

[Petezaa]

I'm still bearish on EU. If you look on the higher TF (weekly and daily) you can see a lot of liquidity building up.

I wouldn't be surprised if we take out 1.03538 area before making a move up. However, take this with a pinch of salt and see what happens.

 

[ForexTus]

The pair has been bearish for a long time in the daily chart. The lower band may work as support. However, the price may find out its resistance and head towards the South again. Since the channel has been bearish, it suggests that the price may not produce a Double/Triple Bottom horizontally.

It'll be interesting to see where it goes from here its in no mans land atm in my opinion

 

[Jim B]

I can’t see this pair turning around this week.

 

[RachelEB]

EURUSD coming down to 1.06450 i think, that will be my next area to look for opportunities at

 

[sebking1986]

Ultimately DXY isn't done yet and so EU won't be turning bullish until it is.

 

[TareqS]

The level of 1.05000 may work as a level of support. However, I assume that it may be breached and the pair look for its support around 1.000000. Let us wait and watch what happens next.

 

[momo3HC]

The level of 1.05000 may work as a level of support. However, I assume that it may be breached and the pair look for its support around 1.000000. Let us wait and watch what happens next.

This will be interesting to watch.

 

[ForexTus]

Ultimately DXY isn't done yet and so EU won't be turning bullish until it is.

I don't think it is either, it's literally pumping relentlessly I'm looking for a monthly draw on liquidity