27062023 - #EURUSD
I was somewhat bearish EURUSD yesterday, saying it was weaker than GPBUSD but instead we have a ranging day; I managed to do some shorts but more of scalps as the movement was too little to do much more. Price was practically nesting between the PZ and BZ given yesterday.
But anyway, we see here that this morning it bounced off the PZ and nicely broke out with DXY coming down. I did said in my other post just now on USDJPY (tradingview.com/chart/USDJPY/e38IEzrr-27062023-USDJPY/) to short USDJPY but changed my view on that to long. Why that change?
I relooked at the DXY chart. Last Friday, DXY actually broke out with a strong bullish candle but yesterday and this morning, it is slowly coming down. Still, I see it as a pullback (in DXY) and could be launching for another move up (in DXY, which means EURUSD to come down). IMO, this next leg up in DXY should come today or tomorrow). So with regards to the USDJPY, I am seeing a potential USD strength with JPY continued weakness thus USDJPY is a long.
Anyway, so EURUSD made this early spike to resistance at 1.0936 or so and is coming down. Price is now supported by BZ at 1.0918 thus can be cautiously bullish with stops at 1.0904 target 1.0954. What I see could possibly happen is price moves higher (daily candle still looks somewhat bullish) find resistance above, close with a rejection candle and EURUSD to come down tomorrow.
But anyway, we see here that this morning it bounced off the PZ and nicely broke out with DXY coming down. I did said in my other post just now on USDJPY (tradingview.com/chart/USDJPY/e38IEzrr-27062023-USDJPY/) to short USDJPY but changed my view on that to long. Why that change?
I relooked at the DXY chart. Last Friday, DXY actually broke out with a strong bullish candle but yesterday and this morning, it is slowly coming down. Still, I see it as a pullback (in DXY) and could be launching for another move up (in DXY, which means EURUSD to come down). IMO, this next leg up in DXY should come today or tomorrow). So with regards to the USDJPY, I am seeing a potential USD strength with JPY continued weakness thus USDJPY is a long.
Anyway, so EURUSD made this early spike to resistance at 1.0936 or so and is coming down. Price is now supported by BZ at 1.0918 thus can be cautiously bullish with stops at 1.0904 target 1.0954. What I see could possibly happen is price moves higher (daily candle still looks somewhat bullish) find resistance above, close with a rejection candle and EURUSD to come down tomorrow.
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