EUR/USD Technical Analysis – Hantec Markets 04/09/2020

by birtanpublished on September 18, 2020

Welcome back to my daily report market analysis videos with me richard perrymarket analyst at han tech on friday the 4th of september let's have a look at euro dollar now which has just started to settle

Down a little bit there was a a rebound actually off 1787 yesterday uh on on this chart and um basically it's just helped to stabilize that dollar

Strengthening um move which has corrected euro dollar back um it's just forming a little bit of a consolidation candle today you've got the non-farm payrolls report which

Generates volatility this afternoon so markets are often cautious ahead of that um but it's interesting that this pullback has just started to find support again once more above the 1750 level of

Support which we had as the higher low in august and um it just looks as though the market is beginning to stabilize potentially for the next swing higher now the question would be um

Is this going to be the start of what would be a a strong leg higher back into the deep into the 120s um or would it sort of struggle around the 120 level again

Um seems to be a level where the euro gets jawboned by the ecb doesn't ecb doesn't want a stronger euro so subsequently it talks it down and that's certainly what seemed to be

One of the factors driving euro dollar back this week um so technically um you're still set up i think positively on a medium term basis marginally positive given the fact that

You are still posting these lower highs on effectively a negative divergence so would suggest that on a medium term basis you're not going to be pushing too much further maybe beyond 120 but

Still positive outlook nonetheless to buy into weakness for now uh given the rsi holding up above 55. um you on the hourly chart you can see that the market has

Used these pivot lines actually very well over the past sort of couple of weeks um 1880 1920 even 1965 that old breakout level became resistance and then supportive again so at the moment it's testing 1850 which is

An old breakout level and it sort of buzzed around that pretty much for the whole of today's session not really at uh managing to get clear of it but above 1880 i think you then

Start to get more positive again you would see above moving averages on the hourly you'd see the rsi in the 60s and maybe beyond so it's it's essentially just unwound the oversold position at the moment but

It's hovering around a neutral point ahead of payrolls really so um yeah how the market responds to payrolls is going to be important i think today anyway so i wish you good luck in your

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