EUR/USD Technical Analysis – Hantec Markets 01/09/2020

by birtanpublished on September 16, 2020

Welcome back for my daily report market analysis videos with me richard perry market analyst at hand tech on tuesday the first of september let's have a look at eurodollar which broke out this morning really had a strong run higher in the

Last two or three sessions really since um the market has settled down from the uh fed chair powell's speech at jackson hole um really dollar weakening and uh has

Driven the market higher now the the sort of caution i have with this 120 big figure they're they're about has been sort of hit this morning 1997 and then backed away you've had that inflation data for the

Eurozone which went into deflation for the headline um is this a similar sort of move to what we saw back a couple of weeks ago we saw the breakout above 1915 hit 1965 and then just drifted back

Over the next few days um chasing breakouts yeah i'm not sure about this one on euro on your dollar chasing a breakout i'd be looking more to buy into the weakness than to chase a break above 1965

But you look at the momentum indicators it's pretty strong actually rsi is sort of moving towards the 70 mark uh stochastics accelerating high so no real signs of any negative divergences

Um but what i would say is the fact that this this sort of run higher that then sort of consolidated back um a couple of weeks ago just leaves me a little bit cautious

Um of this move that has broken out above 1965 it's holding onto the break actually since that inflation day to the market euro has been sort of sort of flooding around a little

Bit but i think that at the moment it's okay but i think a close back underneath 1965 would be a bit of a disappointment and you could see it drifting back to 1920 maybe sort of 1880 area once more but um that would be

So i'll get the crosshair 1880 was a breakout but then became supportive on friday so it's a decent band of support there you would say um as an unwinding move um but just for now i'd

Just be a little bit careful of uh chasing this breakout above 1965 really so um with that in mind i wish you good luck in your trading today click here to subscribe to our

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