• Duncan Cooper , Senior Market Strategist & Trading Mentor at ACY Securities


• 07.09.2021 05:15 am
trading

Overview:

Watch the video for a summary of this week’s news releases, a review of the USD Index, and complete Top Down Analysis of the EURUSD.

EURUSD Monthly:

Monthly support at 1.1704, resistance at 1.2266.

On the monthly chart the trend is now down. Price has put in a lower top and lower bottom. MACD has also crossed down confirming the change in trend.

EURUSD Weekly:

Weekly support at 1.1664, resistance at 1.1908.

Price has rallied back to 1.1908 weekly resistance. The 1.1908 weekly resistance level could be where price stops for the next decline in line with the long term weekly double top pattern.

EURUSD Daily:

Daily support at 1.1804, resistance at 1.1900 and 1.1908.

Daily chart trend is up but on Friday price rejected the 1.1908 weekly/daily resistance level. A double top pattern may start to form at this level during the trading week.

Price failing at the 1.1900 daily resistance area would present an ideal opportunity to sell for the next decline in line with the weekly double top pattern.

Short term target would be 1.1704 monthly support. Should this level be clearly broken the long term price projection target for the weekly double top pattern remains at 1.1165.