Previous Week Update:

  • Before

EURUSD Update.PNG

  • After

EURUSD Update 1.PNG

Followed A nicely to support then bounced up very strongly. Now it is a resistance. I see it dropping down then continuing its journey higher.


Upcoming USD + EUR News:

  • Wednesday
    • CPI m/m
      • Previous: 0.5%
      • Forecast: 0.1%
    • Core CPI m/m
      • Previous: 0.1%
      • Forecast: 0.2%
    • Core Retail Sales m/m
      • Previous: 1.0%
      • Forecast: 0.2%
    • Retail Sales m/m
      • Previous: 1.6%
      • Forecast: 0.0%
    • Crude Oil Invetories
      • Previous: 2.2M
    • Thursday
      • Unemployment Claims
        • Previous: 239K
        • Forecast: 236K
      • Friday
        • EUR – ECB President Draghi Speaks
        • Building Permits
          • Previous: 1.23M
          • Forecast: 1.25M

Monthly: We have found a support at where the wick was on the left, which could act as a retest of the broken ranging zone, but of course we have to be patient and see how it plays out.

EURUSD Monthly.PNG

Weekly: Weekly closed strong bullish, which could confirm a possible retest off the broken zone and higher low. So now we have a strong possibility of going to test the highs and then create a higher high.

EURUSD Weekly.PNG

Daily: As you see the red line, we tested and bounced off it. Now we are looking to test the broken support to resistance, and we will have to see if we find rejection we will continue lower. But it is possible to continue higher after getting some sort of retest of the broken monthly ranging zone.

EURUSD Daily.PNG

H4: Here you get a clearer picture about what price is doing. EURUSD is looking bullish and looks like it broke about resistance. I am eyeing 1.7300 level for possible retest to continue lower but we will have to see how the market opens later today.

EURUSD H4.PNG


Overall EURUSD Analysis

Price looks like it gave a retest on the weekly and has a strong chance of continuing higher at least to 1.17300. The from there we have to wait for price action to see if it will wait to continue lower or continue its monthly path up.


Predicted Movement:

EURUSD Prediction.PNG

Again, either path is possible, we must keep the paths in mind and let price action play out. However, for me I see path A as the most likely option to happening. It may not continue to 1.18500, but I see the Red line above or Green line to be test if we have momentum.

P.S. King = Market Structure + Queen = Price Action.