#EURUSD - 16/01/2024
I was also bullish EURUSD yesterday and said that if 1.0966 is breached expect a huge move up. 1.0966 turned out to be the exact highs as price is rejected by it. EURUSD actually closed with a doji but just below the 1.0954 strong level and this morning, it sold off down, on what I understand is news of Iran missiles hitting US consulate.
Not sure the extent and accuracy of the news but volatility is expected. If based on yesterday's candle, price action is mixed, while trend is neutral to bullish and I would said long. But given current bearish price action, going long would need to be cautious. Of course, if market could be reacting more than is necessary and we can see the whole move retrace and even go higher. But cautious is warranted.
Given that the sell has started and if we want to get into the move, it would be wait for break of level to go short and put the stops above. Price is at 1.0917 level though. If the news is not as serious as it is, holding this 1.0917 level will be a long back to 1.0954 and in such a situation, I think can expect this to be just a way to hunt stops and market rally higher.
1.0896 will be the next level to watch (target for shorts). I would look to go long from here.
Not sure the extent and accuracy of the news but volatility is expected. If based on yesterday's candle, price action is mixed, while trend is neutral to bullish and I would said long. But given current bearish price action, going long would need to be cautious. Of course, if market could be reacting more than is necessary and we can see the whole move retrace and even go higher. But cautious is warranted.
Given that the sell has started and if we want to get into the move, it would be wait for break of level to go short and put the stops above. Price is at 1.0917 level though. If the news is not as serious as it is, holding this 1.0917 level will be a long back to 1.0954 and in such a situation, I think can expect this to be just a way to hunt stops and market rally higher.
1.0896 will be the next level to watch (target for shorts). I would look to go long from here.
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