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EURUSD Consolidating Near Key 1 Level

EURUSD Consolidating Near Key 1 Level

Posted November 10, 2022
Darren Chu
Tradable Patterns

The EURUSD is consolidating after the strong bounce from the 2022 low (in September).  Although the EURUSD is vulnerable today to a bit more healthy profittaking, odds are elevated for a weekly close above downchannel resistance (on the weekly chart) and the psychologically key 1.00 whole figure level.  Increasingly, the EURUSD appears to have halted a slide since June 2021, which itself is a part of a major downtrend from 2008.  Watch for volatility in the next few days as results from the US midterm elections trickle in, as well as with today’s 830am EST US CPI and Friday’s US preliminary UoM consumer sentiment.  The escalation in the Ukraine-Russia conflict deserves close monitoring.  The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on GBPAUD, GOLD

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Source: Interactive Brokers TWS

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021

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