IDEA 9: EUR/USD rebound to rest 1.0644
Updated
Euro RSI is turning up on the daily chart. The weekly breakdown level at 1.0644 has not been retested yet. There is enough on the Euro calendar to facilitate the rise back to 1.0644, notably CPI on Thursday. Of note is, the daily low was right on the nose of the weekly close 12/5/2022 at 1.0533. That was also the last lower weekly close before the rise to 1.0715. The next lower weekly close on 1/2/23 became support/breakdown/resistance.
I am sharing InternalTraderNYC's idea in support of my idea. Hope you don't mind InternalTraderNYC
tradingview.com/chart/v8MuRG7d/
I am sharing InternalTraderNYC's idea in support of my idea. Hope you don't mind InternalTraderNYC
tradingview.com/chart/v8MuRG7d/
Note
It is a beautiful thing when markets behave in an orderly and efficient way. Price reversed exactly at 1.0644. My long was exited at 1.0632 and my entry order short was triggered at 1.0633.I exited the short at 1.0570 at the Tokyo fix and I am currently long for a rebound to the 1.0605-10 area. I'll consider shorting there again but with manufacturing PMI for both USD and EUR coming up, I'll be treading lightly. The trade will be determined by Euro zone CPI on Thursday but watch out for German CPI tomorrow.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.