FOREX Chart Of The Day: EURUSD The Chart To Watch

Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, Head Currency Analyst.
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In this video, we’re going to take a look at EUR/USD. We haven’t looked at this market in a while. We did look at it, obviously, in our Forex Market Outlook. But realistically speaking, I’m interested in this because of this weekly time frame. You can see that the price is starting to find a little bit of resistance after it retested these structure highs, just through here. So, to me, that is a sign that we are going to start to see a little bit of a pullback, whether it will pull back to 1.14 is yet to be seen. But obviously, when we do start seeing these bearish candlesticks, I do want to see that pushdown going into this week.
For the daily time frame – so, Friday – we had a nice bearish close. It’s still obviously very much on an uptrend in terms of the market, and it is making highs and lows. We had this nice move, through here, and if you want to really start looking for that trend to change, I would like to see this daily break below this 1.1736 area. So that’s an area to be aware of when we’re looking for these trading opportunities, but there are also a couple of opportunities I like now.
If I go to the four-hour time frame, we can see that the price is making those lower lows and lower highs, and we’ve pulled back into an area of a structure. So you can see it was support, resistance, support, support, we’re in this zone, just through here now. What I’d really like to see from this point onwards is a drop back down into these daily lows, there. If the market can then break past those daily lows, we can look for further shorting opportunities into that 1.14.
Going on to the 15-minute time frame, I’m actually looking for a change in trend here, and what I can see at the moment is the fact that the market has put in a low, here, it’s rallied to the upside. What I want to see is the market break and close below this low in here. If the market breaks and closes below that low, I’d be really inclined to look for a short position to the downside. So, if it were to see a break close below that low, look to make sure that the opportunity to trade back down into these lows, here. Or even into the daily lows or the daily support zone, just through there, around 1.178. Then if we look out a little bit further, we see that the market drops even further. We can look at that 1.14 after it breaks below those lows.
So, just taking it day by day, see if we can get those continuous bearish closes. I like the opportunity, here, right now. Obviously, if that doesn’t form, then we can look at it tomorrow and see if the price can break to the downside.
But I really like the opportunity here, I like the fact that the market is in a slight downtrend in the four-hour time frame. It’s making new lows. We’re looking for that lower high to come, in here, for a trade to the downside.
Thanks for watching this video update. I hope you have a great trading week, and I’ll speak to you soon.
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