EURUSD Jan 5 - 9

Weekly
Last week, this pair closed with a small medium downclose and a medium rejection from the top.

O = 1.4104 H = 1.4363 L = 1.3838 C = 1.3850

• The support at 1.3840 was strong.
• This pair is looking for a direction and next week should be a good indicator as the previous week was fraught with holidays in general.
• QQE was at 45.198.

Weekly Chart

Daily

• A closing wedge has formed on the daily chart with a very good support at 1.3840.
• QQE is at 60.617.

Daily Chart




Hourly

• The week for the pair ended with a weakness for a bear run as you can see that it had a strong support at 1.3840.
• This pair can swing both ways when the market opens on Monday but the probability of it trying to test 1.4188 is high. If it sustains above that level, we may even get to see 1.4629 for that week.
• If 1.3840 is broken, expect to go short and watch out for these levels at 1.3757 and 1.3370.
• No major news releases on Monday so there will not be any unexpected swings for that day.
• On Tuesday, we have major news on the UK HPI (House Price Index) at 3pm and 5.30pm UK Service PMI. At 11pm, two big news which will move the market for the dollar i.e. the ISM Non-Manufacturing PMI and Pending Home Sales.
• In fact, there will be major news everyday (from Tuesday onwards) so don’t be caught off guarded.
• In summary, go for scalping as you may get whipsawed on this pair from Tuesday onwards. It is likely that we will see 1.4188 and Monday will be an upclose on the daily chart.

Hourly Chart