FOREX Chart Of The Day: Will EURUSD Fall?
Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, head currency analyst.
In this video, we’re going to go through EUR/USD. Took a trade on the blueberry jam. So I just want to go through what we’re expecting to happen out of this market.
Very similar to what we saw with regards to the Euro was yesterday. However, EUR/USD is pushing to the downside, and we’ve got nice lower lows followed by some nice lower highs. We’re expecting that Dollar strength to continue.
Now I’ve had a bit of a mix match in terms of we had a bullish day, bearish day. Today is looking a bit more on the bullish side of things. So, what we’re trying to see is if that momentum will start pushing to the downside.
That nice strong bearish close yesterday came after a slight break out of a little level through here., It provided a bit of a false breakout, which is the reason I was looking for that market to move short.
If I go down into the four-hour timeframe as well we can see that yes, we’re in that retracement phase. The market is making higher highs and higher lows. But what I noticed there was a little sort of shelf just through here that the market found a little bit of support at.
Now the market’s broken through that, it’s rallied. It’s retesting that structure. I’m expecting this market to start pushing to the downside. Now, I’m looking for that market to really start making some lower lows on the four-hour time frame. If we start seeing that, then the lows here are more than likely going to be retested.
So, if you’re not in this move already, one thing that you could wait for is that break and retest. Because once we get that four-hour in trend, we can look for those adding positions and look for that break down to continue into those lows through here.
The hourly-time frame also looking pretty decent. If we look left, the market came up into this zone through here. We’re starting to see that market starts to find some resistance at this point. But, the market on the RSI is in an overbought condition here.
So, one thing we can look for here as well as a breakdown on that hourly to continue to see prices pushing lower. Still happy to buy the Dollar just sitting on our hands a little bit. Being a little bit patient with that. Letting the market play out. Daily’s looking good, four-hours looking good, hours looking good here. Look for that continuation to the downside, and let’s see how this one plays out.
Thanks for watching. I’ll speak to you soon.
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