Trade view /
13 November 2017 at 8:14 GMT
Daily – We talked about the fact that 94.04 was a pivotal level for the index in last week's report(s). Friday made a 94.16 low. This means that there is scope for a move in either direction today, but we prefer to buy USD dips.
With this in mind, we have a nice short-term setup in EURUSD. We are not looking to outstay our welcome with the medium-term bias now mixed.
Weekly – The weekly chart has posted a correction 9 count (DeMark). This means we should see a move to the upside within 4 candles (weeks). The Marabuzo level from the week of October 23 is seen at 1.1686 (immediate resistance).
Daily – Just holding onto the reverse trend line resistance level of 1.1660. One major point to note here is the DeMark 13 count (exhaustion) seen on the 27th October. This does have a measured move ‘stop’ of 1.1444 so, although it highlights higher levels, there is scope for a more aggressive move lower.
Intraday (eight- hours) – Not a great deal to take away from this timeframe. We are in a bearish channel formation (1.1747-1.1477).
Intraday (two-hours) – There are list of factors that should limit the any further aggressive buying.:
1. 261.8% extension is seen at 1.1704 (from 1.1554-1.1611)
2. Bespoke resistance is seen at 1.1688
3. Previous swing high is seen at 1.1694
4. Trend of higher highs lines up with the 261.8% extension.
5. The immediate USD bias is to buy into dips (sell rallies in EURUSD)
6. Marabuzo at 1.1686
Management and risk description
Selling at 1.1687
1.1600 and 1.1580
short-term. Needs to trigger today.
— Edited by Clare MacCarthy
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