Tuesday January 2, 2018 - 12:34:34 GMT
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Forex: Will EURUSD Break 1.2092?
It is not unusual for the forex market to extend end of the year trends and this has seen the dollar open 2018 on a weaker note. However, it is more important how the dollar ends the first week of the year than where it starts in dictating its tone going forward.
In this regard, attention is on key Amazing Trader resistance at 1.2092, which just about anyone looking at a chart will be focusing on as it is the 2017 high set on September 8. This is a far cry from the start of 2017 when all the talk about parity for the common currency.
It may be considered a new ball game when a new year starts as markets begin the process of restoring liquidity and fresh positioning. So let’s take a look at a EURUSD 1 hour chart to see what the Amazing Trader is showing in real-time and what it would take to deflect the risk from the major target at 1,2092.
As you can see by this Amazing Trader 1 hour chart, the rising red lines reflect what we call a ladder to the upside. The start of this latest ladder is at 1.1982. The low set today at 1.2008 is significant as the move off the low has been pretty much a one-way move.
This sets the parameters with 1.2092 the only key level on top and ladder support not close at 1.1982-1.2008. Shorter-term Amazing Trader ladder support (updated in real-time) shows several layers from 1.2008.
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