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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.”
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.”