Here below please find attached an analysis of the Euro FX currency futures on the 4-hour chart for today January 28th.
I will not post video analysis for the Euro FX currency futures on Mondays, Thursday & Fridays, unless important developments pop up. The main reasons are that I post an analysis to my newsletter subscribers typically on Sundays (which covers the beginning of the following week) and Wednesdays (which covers the next Thursday). Moreover, Mondays and Fridays are often dodgy days when participation and commitment from the big traders and Program Trading is very low. So if you want to be on top of the Euro I invite you to subscribe my newsletter (read below).
However in those days when I don’t post videos, I will occasionally post charts and comments on the 4-hour timeframe like I am doing below.
This is my current view on the 4-hour chart for the Euro FX currency futures contract (see the below picture):
What we saw so far in the Euro could be it for the retracement this week. Mondays print usually the high or low of the week. We will see, Mondays are also very dodgy days, because participation is not at full throttle so we could still see lower prices.
I believe we have targets above in the 1.3600 and 1.3670-1.3720 area before a deeper retracement (but, as you well know, what I believe is not very important, market is the king and price will tell…). We have an important resistance level at the 1.3510 area. I anticipate a mild retracement there but price could just slice through it like it was not even there.
If the move lower is not completed yet following are the levels of support I see if we get a deeper correction today or at the beginning of the week:
– first is 1.3405-1.3418 (matching previous highs);
– second is a full retracement from Wednesday lows at the 1.3380 area;
– third is the next daily extension long at the 1.3300 area.
Of course anything can happen and I will re-evaluate the Euro should price move below the 1.3250 level. I do not anticipate that happening though. Have a great trading day and trade safe, after all is Monday.
Let me have your comments.
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