$EURUSD

Fundamentals and EURUSD reaction really bewildered me. Draghi says no to QE while EURO extend growth. Maybe its economic fundamentals that drive the single currency's price up?
mlawson71 said:
We'll probably have to wait for the fundamentals that week though, the pair is still stuck in a tight consolidation.
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Starting to new with fresh eye on EURUSD and of course tracking all possible events that may affect the price. Fed September meeting may be already a driver that prompts repositioning this week. Sentiments analysis should help in that.
 
It appears that there will be at least a temporary retracement as EUR/USD formed another shooting star bar on the D1 time frame at 1.2092. That said, the overall bullish trend is not over yet and the rally will probably continue afterwards.
 
mlawson71 said:
It appears that there will be at least a temporary retracement as EUR/USD formed another shooting star bar on the D1 time frame at 1.2092. That said, the overall bullish trend is not over yet and the rally will probably continue afterwards.
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Of course especially ahead of US inflation on Friday. The chance of falling short of forecasts is high
 
doggyfx said:
Of course especially ahead of US inflation on Friday. The chance of falling short of forecasts is high
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So I have heard too. I think I will probably close my positions and wait for the news to pass before I open new ones. Or wait for Monday to do it.
 
The EUR/USD retracement is either over or the pair has begun to form a sideways consolidation above the support at 1.1835 because the pair formed a hammer bar above that level on the D1 time frame and bounced off from it. Which one of these scenarios is more valid depends on whether there will be a breakout above the last high at 1.2092 or the pair will bounce off from it again.
 
EUR/USD dropped significantly after FOMC announced yesterday that they won't hike the interest rate. However, despite the drop, the pair remains withing the sideways consolidation above 1.1859. I think next target will be 1.2030 again.
 
EUR/USD has been consolidating sideways for well over three weeks now and not even the FOMC news could end the consolidation. That said, the pair has formed a hanging man bar on the weekly time-frame at 1.2030, a correction to the downside is possible.
 
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I have the current support on the daily chart at 1.18554. I am waiting for a break below this level and then a retest of new resistance. Sell stop just below the retest candle. Stop loss just above the doji posted on Friday. Hope this helps.
 
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