It may be a futile task or it may be godsend. Either way let's take a look at what levels may come into play
EURUSD
Up
- 1.0635/40 has marked the rallies of late
- 1.0690/700 has been a strong S&R point through Nov
- 1.0760/85 has a fair bit of noise
- 1.0790/800 will have natural resistance
- 1.0830/35 was another area that has seen many a battle
- 1.0860/70 has some mild noise
- 1.0900/15 expect to see some selling ahead but it was a strong support point on the way down
- 1.0906 38.2 fib of the Oct swing down(drawn to the new low at 1.0540 just now)
- 1.0990/95 & 1.1000 naturally, and has the 55 dma at 1.1001
- 1.1019 50.0 fib of Oct swing
- 1.1036/58 200 & 100 dma's
- 1.1085/1.1100 is a strong looking level being S&R throughout the year
- 1.1131 61.8 fib of Oct swing
- 1.1255 55 wma
Down
- 1.0520/30 Apr low
- 1.0500 Reported barriers and bids (bids might disappear nearer the decision)
- 1.0460/65 2015 lows
- 1.0400 usual big figure action
- 1.0330 Technically I'm not seeing much until the lower line of the Oct 2008 channel. Under I don't see much until 1.0200 and then we're into the realm of those parity calls
Technically the downside looks to be the path of least resistance but it's also the way a lot of the market is leaning already. How much ammo shorts and sellers have got to really push the downside remains to be seen and we could see one hell of a rally if Draghi comes up short in his plans
EURUSD H4 chart
EURUSD daily chart
EURUSD weekly chart
