EUR/USD: PAT + VPA 10/21/2024
Good morning,
I will be monitoring the daily candle close today, anticipating a bullish pullback or reversal to develop over the next few weeks.
Several indicators have pointed to this:
1. The weekly chart has surpassed the previous high established on December 25, 2023. Currently, the price is attempting to retest the Demand zone that led to the breakout of that high..
2. The weekly demand zone is identified between 1.0775 and 1.0825. Pay attention to the key level at 1.080, as it appears to be setting up as a robust support level for the currency pair.
3. The market has declined approximately 400 points since September 27, 2024, showing minimal pullbacks on a daily basis. Notably, this price drop has formed a double top without a genuine next line test. I anticipate that prices will rebound to around 1.100 in the coming weeks. A break below 1.100 could trigger a long-term retracement back to the highs at 1.200.
Volume signature indicates that market makers are gradually exiting the trend. The weekly outlook remains bullish and is expected to dominate. It's important to note that the weekly chart is currently retesting the bearish flag it broke out of between June 24, 2024, and August 19, 2024.
DXY
EURUSD
DAX
I will be monitoring the daily candle close today, anticipating a bullish pullback or reversal to develop over the next few weeks.
Several indicators have pointed to this:
1. The weekly chart has surpassed the previous high established on December 25, 2023. Currently, the price is attempting to retest the Demand zone that led to the breakout of that high..
2. The weekly demand zone is identified between 1.0775 and 1.0825. Pay attention to the key level at 1.080, as it appears to be setting up as a robust support level for the currency pair.
3. The market has declined approximately 400 points since September 27, 2024, showing minimal pullbacks on a daily basis. Notably, this price drop has formed a double top without a genuine next line test. I anticipate that prices will rebound to around 1.100 in the coming weeks. A break below 1.100 could trigger a long-term retracement back to the highs at 1.200.
Volume signature indicates that market makers are gradually exiting the trend. The weekly outlook remains bullish and is expected to dominate. It's important to note that the weekly chart is currently retesting the bearish flag it broke out of between June 24, 2024, and August 19, 2024.
DXY EURUSD DAX Ghi chú
The price movement is aligning well with my expectations. Looking ahead to next week, I anticipate a potential breakthrough above 1.0870. If we can surpass that level, it could set the stage for a rally towards the 1.100 mark.
The 15-minute, 1-hour, and 4-hour charts have all shown the capacity to break previous highs. If the daily chart can also achieve this, we may see a significant bullish momentum. However, I want to emphasize that while I view the weekly trend as bullish, the daily trend appears bearish. This suggests that the higher time frame (HTF) is dominant, making it crucial for me to maintain my position into next week.
Please note, this is not financial advice but rather my personal perspective on the market.
Wishing you all the best!
Ghi chú
Currently at 1.08705, we have work to do but if we can successfully break and hold above this level 1.100 seems like the next stop!
Wishing you all the best!
Giao dịch đang hoạt động
trade still active!Giao dịch được đóng thủ công
Stopped at 1.087! Got to 1.095, target was 1.1 but we take what we can!
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Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.