 Hi guys, it's Ian from OSBFX. It is Wednesday the 8th of March 2023. It's just gone 8 o'clock in the morning in the UK Today I want to concentrate on the euro against the US dollar. The daily chart is highlighting a very interesting Support level now yesterday. We had Powell out. His comments Caused a rally in the US dollar over 1% in the dollar index, which is DXY That in turn caused the euro against the US dollar to move to the downside now later on today We've also got some euro zone figures. We've got GDP. That's gross domestic product We're expecting a print year-on-year of 1.9% and quarter on quarter of 0% that could also be a catalyst for this trade setup. Let's get to the charts Here I've got various different time frames. First of all, we're looking at DXY Which is the dollar index. So we've got the monthly chart. We've got the weekly chart daily chart eight hour to a And hourly down here in the right hand corner But the two charts that I want to concentrate on today are these medium-term charts So the daily chart and the weekly chart if I open up the daily chart You can see here that I've highlighted a Resistance zone. So we've got 10529 is a level which Highlights a cypher formation and then we've got 10562 now that is a resistance level Which is left by a d mark count and that looks quite important when we go down Or up to the weekly chart. So going to the weekly chart And again, I use support and resistance levels. I then use what's known as cypher formations To try and highlight Decent trade setups and you can see here that we've got that resistance zone there That's a kill zone for me in between 10529 and 10562 We are just starting to see a bit of a move to the downside in the DXY So what I'm looking for I'm looking for this move lower in a BC leg So obviously If the dollar moves to the downside then I should be looking for higher levels in the euro against The US dollar. Let's have a look at that chart So again same format monthly weekly daily eight hour two hour an hourly and today I just want to concentrate on these free charts. So going to the daily chart and Here I've got a support level at 10527 now if I project this pattern into the future It then gives me a back to formation down here at 97.09 So again, I'm looking for that move to the upside and like I said the support level is at 105 sorry 10527 and Overnight we made a low print of 10524 So at the moment that level is holding what I also like about this setup is If I go to the weekly chart, we could potentially be in a CD leg to the upside and if I go to the Monthly chart That highlights next resistance around about one one twelve seventy five So all of these higher timeframes the weekly chart the monthly chart and the daily chart are all giving me a bullish bias now if I also go to Some other dollar majors. I want confluence. So I want other dollar Products to highlight that there's potential for the dollar to move to the downside Stirling dollar not so good We've got support level a bit further down But Stirling crosses are all looking quite weak as far as Stirling is concerned at the moment There's a support zone that down there around about one sixteen eighty however dollar Swiss if we go to the eight hour chart we've Completed a formation known as a bearish bat pattern if we go to Dolly Yen and again, we're going to the eight hour chart here We're not far off a two sixty one point eight percent extension level and that's located here at one thirty eight fifty one this Formation is looking quite good as far as Elliot wave is concerned to wave one two Three four and then up in five and exhausting in this zone Again giving us a bearish bias on the dollar if we go to dollar CAD We've got two zones here. We're going to go to the eight hour chart first We've got one thirty eight nineteen highlights a two sixty one point eight percent extension again often an Exhaustion zone if we go to the daily chart Here we've got a bat formation sorry cipher formation known as a garly pattern and that's completing Very close to that two sixty one point eight percent extension level And if we go to New Zealand dollar, this is the last one. We're going to look at Here we've completed another cipher formation known as a butterfly Pattern and that was completed this morning One sorry at sixty ninety five So using confluence using these cipher patterns It looks to me like we could see further upside pressure sustained upside pressure in The euro against the US dollar Many thanks guys. I'll be back soon with some more analysis