A Bullish Argument for the EUR/USD

6월 2일

On the Monthly Chart the EURUSD has hit an old Resistance Level and bounced strongly (Rejecting Lower Prices) We now have Developed a Bull Flag on the Monthly Chart. https://www.tradingview.com/x/aLRn98MC/ On the Weekly Chart Price has made a 3 Wave ABC Retracement, Bounced off the 78.6 Fib Level and has now closed above the 5o Week MA and has Printed 2 Inside Candles. https://www.tradingview.com/x/rv447EGl/ On the 4 Hour Time Frame Price Action has Produced another 3 Wave Retracement and closed above the 50 MA after finding some resistance at the upper Boundary of the Channel. https://www.tradingview.com/x/eYqlo9CB/ Come down to the 15 Minute chart and things get really interesting. We now have 3 Waves up, Could this be and ABC retracement and Prices are going Lower? Very Possible, The other option is that we are looking at a 1-2 followed by wave 1 of 3. Meaning that after 2 Inside weeks, price is going to explode higher next week. Fundamentals - Large Speculators Went net short Euro futures Contracts in April 2024, this is their most bearish position in over 12 Months, in the last 5 weeks they have been Steadily going Long the Euro Contract, over the last 2 Weeks They have increased Long contracts from Circa 17000 to Circa 57000 Contracts and over this time EURUSD has dropped Circa 50 Pips. So this could be accumulation. Also on Friday we had a 0.1 Beat on EUR CPI and a 0.1 Miss on US Core PCE, This should be an added Tail Wind to the Long Idea. https://www.tradingview.com/x/qO41p8zB/