Tuesday 12 July 2011

EUR/USD DAILY FORECAST 12 JULY 2011


EUR/USD
No trade setups yesterday on EUR/USD

We just about have a B formed. We have the A way up at 4373. Once we have the B we must wait for a BF786 to long, or a 618/786 higher up to short, both after cs formations.

SHORT: Will be going short only IF:
We rally up to the 618/786 and thereafter get bearish cs formations, trade the 618 for 100pips (since it’s a huge AB swing) and the 786 will be a PT to the BF786.

LONG: Will be going long today only IF:
We might not get a BF786 entry today, since we prefer to trade a BF786 after a swing, albeit a small swing, a swing is a few hours away at least, but we will monitor during the upcoming sessions. Maybe a test of the low and a dominant bullish cs will do as well. Wait and see.

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