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EURUSD Daily MACD Trying to Positively Cross


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As seen on Bloomberg, Thomson Reuters, Factset, Interactive Brokers, Amazon and Zerohedge, Tradable Patterns (https://tradablepatterns.com) provides technical analysis on a subset of three CME/ICE/Eurex/SGX futures (commodities, equity indices, and interest rates), spot FX and cryptocurrency markets, which it considers worth monitoring for the day/week for trend reversal or continuation. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.

The EURUSD edged higher yesterday, completing what loosely can be described as a Bullish Island Reversal (on the daily chart). Although a longer green candle yesterday would have bolstered the reversal case, today's green candle so far reinforces the bounce off upchannel support (on the daily chart) and the psychologically key 1.15 level. Given that the EURUSD is now pushing up against downchannel resistance (on the 4hr chart), a bit of consolidation can be expected today, but any pullback will be increasingly aggressively bought on dips by longer term bulls expecting a resumption of the upchannel (on the daily chart). The catalyst for a continued push higher today will likely be the US' m/m change in CPI and Core CPI figures released at 830am EST. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking at going long in the green zone (of the daily chart), targeting the red zone by Friday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).


EURUSD Weekly/Daily/4hr

EURUSD Technical Analysis

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Before the launch of Tradable Patterns , Darren Chu, CFA, served as IntercontinentalExchange | NYSE Liffe's country manager for Australia, India, and the UAE between July 2010 and January 2014, expanding his role to look after Liffe business development in APAC ex-Japan/Korea until his departure mid April 2014.  His primary remit was developing relationships with Liffe clients, prospects and partners in the buyside (traditional and alternative asset managers), proprietary trading (high frequency algo as well as manual, point and click traders), bank, broker (institutional and retail), commodity trader and ISV community.  Key futures and options promoted included European/London rate benchmarks such as the Euribor, Short Sterling, Gilts, London/European index futures including the FTSE and CAC, London soft commodities (Robusta Coffee, Cocoa, White Sugar), Paris (MATIF) markets (Milling Wheat, Rapeseed), and NYSE Liffe US markets with the MSCI EM, MSCI EAFE, gold/silver, Eurodollar, US Treasury and GCF Repo futures being the focus.

 

Previously, Darren was with the TMX Group | Montreal Exchange for 4 years, marketing Canadian futures and options across North America, London, Singapore and Hong Kong.  Darren also launched and managed CMC Markets Canada's Chinese marketing and sales team, along with educational offering.  On the academic trail, Darren has been a frequent guest speaker at Canadian universities as well as an author of content for 3 derivatives courses offered by Canadian Securities Institute and mandatory for licensing of Canadian derivatives industry professionals.

 

Darren can be reached at +65 8118 8840 or via email at darrenchu@tradablepatterns.com.

 

 

 

contributing author since 11/21/2017 

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