Mar 03 2021 0
The market has stabilized again after the sell-offs. There have been many recoveries now recorded. Let's get ready to trade today.
- The Vice President of the European Central Bank (ECB) told a Portuguese newspaper - after some policymakers called for the bank to take action - that the ECB can be flexible in countering any rise. any desired yield on the bond. This continues to be a market reassuring move from the ECB.
- The euro was also hit by weak German retail sales on Tuesday as the blockade and withdrawal of temporary tax cuts hurt consumer spending in Europe's largest economy. .
- However, in contrast to the ECB, the US Federal Reserve is seen to take a more liberal stance on the increase in bond yields. FED Chairman Richmond Thomas Barkin has also reduced the volatility of the bond market recently with the message that the Fed has not been facing difficulties by increasing yields.
- Reserve Bank of Australia (RBA) has decided to maintain current monetary policy.
The price did not fluctuate drastically in the last session but it is enough to give the signal we have been waiting for. The H4 chart has a bearish engulf pattern and the daily chart has a bearish pin bar pattern. With these signals, short-term reversal traders may consider entering orders because the current RR ratio is quite good. The initial target is 106. Further afield will be the lower boundary of the bullish channel.
The price once broke through the 1.203 zone. Thought that the bullish structures were broken, but the price rebounded sharply after that and confirmed that this was a false break, creating a bear trap. This price action generated a bullish signal around the critical 1.20 confluence zone. Price direction has become clearer. With these new Price Actions you can consider buy orders, targeting at 1.215 - 1.225.
The price only decreased slightly and then recovered again, unable to approach the target of 1.38. The current price action is suggesting that the downside momentum has temporarily stalled. There is a possibility that there will be a sideways price zone if the 1.40 zone blocks the bulls' push-ups. We continue to hold short positions with current positive Stop Loss.
The price dropped sharply from the long-term trend line to the round number 1.26, but there has not been any really noticeable signal forming around this price level. Prices are increasingly being compressed by the upper downtrend line and lower resistances. In the new session, if the price can successfully break 1.26, the possibility of falling to the previous bottom is quite high. In the case of a bullish bounce, it may be limited again by the trend line.
After rebounding from the medium-term uptrend line, the price continued to move up, breaking through the 0.78 zone. This breakout is relatively definitive, hinting at the possibility of further recovery. The target target is the 0.79 zone, but avoid buying at this time as the amplitude is not much. Instead, it is necessary to carefully observe price action around the 0.79 area to get clues for the next direction.