Short-term H4 chart showing bullish push while overall long-term trend is still bearish. Price has failed to push above area around level 1.19000 last week. Overall, I'm neutral with a slight bearish-bias on EURUSD as direction of price has been consolidating yesterday. I will be waiting for more confirmation as price moves post-CPI report.
As we await the CPI report later today. The DXY is showing bullishness however it has failed to break above a key resistance of 92.780. In my opinion, there are 2 possibilities post-CPI release:
Bullish USD (Sell):
I would be waiting on a:
I would honestly wait for a confirmation on level 1.19000. However aggressive entries can be taken on the retest of trendline with SL below previous low provided a good break and retest of DXY resistance of 92.780.
As we await the CPI report later today. The DXY is showing bullishness however it has failed to break above a key resistance of 92.780. In my opinion, there are 2 possibilities post-CPI release:
Bullish USD (Sell):
I would be waiting on a:
- Bearish candle formation at the current price (Aggressive entry)
- Break and retest of level 1.18000 (Conservative entry)
- Break and retest of 92.780 on DXY (Confirmation of USD strength)
I would honestly wait for a confirmation on level 1.19000. However aggressive entries can be taken on the retest of trendline with SL below previous low provided a good break and retest of DXY resistance of 92.780.
