EUR/USD Holding Daily Wedge Support

in forex •  last month 

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Direct from the desk of Dane Williams,
This is not your average forex broker blog.


Morning team,

It's a new week and a new format for my market analysis!

If you're a part of my Inner Circle, then you would have seen that I recently migrated my daily email from TinyLetter to Substack.

I'm committed to using my Steemit blog, but I want to provide something different for my Inner Circle members on my daily email list. As a result, I'm changing things up.

My Steemit blog will now be used for high level analysis, following the narrative of each currency pair. Whereas my daily email will focus on how I'm trading the narrative on an intraday basis.

What this means is that if you want to just follow what's happening in the market, then you can follow along right here on the blog. But if you want to take advantage of my analysis and actually talk about how we can make money trading these setups, then you want to be inside my Inner Circle.

Join my Inner Circle by clicking here.

Best of probabilities to you,

Dane.


EUR/USD Technical Analysis

Let's get back into the analysis, starting of course with the highly topical Euro.

With negative yields and inverted curves smashing European markets as hard as anywhere else on the planet, I'm interested to see how the heavyweights within the block such as Germany, are going to react.

German policy is important and markets are keeping an eye out for whether they will be willing to finally loosen their purse strings and make a move to artificially stimulate the economy. Something they have been reluctant to do, but have now started talking about.

Stimulus would obviously be Euro positive as demand would be artificially inflated by buying assets or whatever path they choose to take.

Now on the flip side, I'm finding it interesting, reading how seemingly bearish, everyone is on the Euro. Well, you know what happens when everyone is short, right? There is essentially nobody left to sell and all that remains are people wishing to close their shorts by buying... at whatever price they can get.

This buying then creates a huge flood of demand and price rips.

With that in mind, take a look at the higher time frame chart:

EUR/USD Daily:
190819-eurusd-d1.png

You can see that price is holding higher time frame support nicely.

EUR/USD has both the bottom of that huge falling wedge acting as support, as well as the horizontal level that became a thing after that bullish hammer formed at the previous swing low.

With the above fundamental narrative playing out and price at these higher time frame technical levels, EUR/USD is well and truly in play.

I'm going to talk how we can potentially trade the pair in today's Inner Circle daily email. Once again, you can join my Inner Circle by clicking here.


Today's Economic Releases

EUR Current Account
EUR Final CPI y/y
EUR Final Core CPI y/y

All low impact news events on the calendar today.



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@forexbrokr | Steemit Blog

Market Analyst and Forex Broker.

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