As I earlier indicated in my article this week, I am expecting an upward push from the Dollar as a reaction from the Demand zone I have marked out. The PPI release earlier moved prices a bit but lacked sufficient momentum to cause a significant break of structure - and thus, no change of trend.
EUR/USD: euro is after a crab
2019-11-11 • Updated
TP1 1.1640 TP2 1.1600 TP3 1.1550
On the daily chart, the inability of bulls to push the pair above resistance at 1.1821 points at their weakness. To continue decline towards 127.2% and 161.8% targets of a “Crab” bears need to lead the pair outside of the uptrend channel and conquer support at 1.1750.
On H1, a break of support at 1.1730-1.1750 will make EUR/USD go to 161.8% and 88.6% targets of the “Shark” and AB=CD.
It is general knowledge that the Major currency pairs are pairs that have the US Dollar as either the base or quote currency. As a result, our trade ideas for major pairs will begin first with an analytical review of the US Dollar chart.
Over the last couple of weeks, GBPUSD and a few other commodities have breached their recent swing highs and lows, while some have even gone on to create new All-Time Highs and Lows
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.