Daily Brief on EUR

28
Jan

Technical Analysis Higher Time Frames

Euro finished last week with a bullish week and found resistance at 1.3480. This is a very strong weekly level and has been tested many times before on the weekly chart. I expect the current Bull Run to stall at this level as this 1.3480 level also coincides with a 50 fib retracement on the weekly chart.

Friday was a no trade day

Monday 28th January

A retracement to the weekly pivot at 1.3400 could well be on the cards today. this level also coincides with the previous resistance offered up last week by price action. (The top of the bull flag pattern). I am certainly not looking to short into this market and would like to see the pull back to 1.4300 to check that the door behind us is closed to enable us to look for STP set up to the North.

News

EUR red 13:130 - Core Durable Goods Orders m/m

EUR red 15:00 - Pending Home Sales m/m

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