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#EURUSD was featured in our #Forex Market Outlook this week as the price approached a major swing level.
The breakout in US 10 Yr Yields has backed the USD bulls.
But will this move last and where could the price be heading to next?
Watch this video to learn more…
https://youtu.be/OUlIu6fhGv0
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 since we’re starting to see a little bit of US Dollar strength coming back to the markets.
Now, this is has been driven from the US 10-year yields break into the upside, which is giving the US Dollar bulls a bit of strength at the moment. There is some support in that area, and we’ve seen the market take this afternoon as the America session started to come through.
So, there’s a nice rejection of this 2165, and in the Forex Market Outlook, we identified this as the potential level of the price to do something at. The weekly suggested that the price may break to the upside, which could still occur. We could see prices going to the upside. But, we said that we need to have that seller’s mentality until the price breaks above and closes above this high or forms a higher high on the daily timeframe. Until that happens, the market could still push lower.
We do have a couple of options as to where the price could go, and what I’d like to see if we are to short this market, is the daily close form a nice bearish candlestick.
If the price stays like it is now, tomorrow would be ideal for further shorting opportunities. Either back down into the major swing level of 1.2 or back up towards these lows, around the 1.2060 area. The reason is that the price has found some support and resistance here in the past, and if we go and look left, the market found significant support here, here, and here. Is this going to add support if the price comes back down to it, potentially?
So, that offers us a short term trading opportunity. As I said, if the price closes like this now, and the four-hour gives us two lower low closes below this area, here, we need to see that close around that same area. And then tomorrow, we can look for short opportunities around these resistance areas to move back down to the 1.2060 area.
Keep an eye on EUR. One thing I would suggest, though, is to be cautious if jumping on the move here. This is where a lot of retail traders will jump in, seeing these large moves, and a lot of the times these moves can be overturned, and we can see the market move further to the upside.
The rule would be, for me, if you had this candlestick rally up and close above this previous structure low, here, I’d walk away from that seller’s idea. If it stays where it is now, then I’d be happy to look for short opportunities to the downside.
But, this is going to be a short-term trading opportunity. I think the price may find some support back down at this level here, and if it does, then we could look at this inverse head and shoulders as a play in the future.
Keep an eye on EUR. That’s a quick update.
If you have any comments, please let me know in the comments section down below, and I’ll speak to you soon.
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