EUR/USD
No trade setup on EUR yesterday.
FOR TODAY:
Price took out the A support low, thereby reversing on the 1h timeframe. We now have a new B at 3607 and we now have to look for a rally to the 618/786 and a bearish cs formation for a sell.
Price already bounced and gave us a BF786 with a morning star during Asia, if we get a test of that level and a bullish cs formation we will go long for 80-100 pips since it’s a shallow bounce.
SHORT: WILL ONLY BE GOING SHORT IF:
We get a rally and a bearish cs formation after hitting the 618/786. This is approximately 280 pips away, so probably not going to happen today.
If we don’t get the cs formations we are looking for at the fib levels then we don’t trade.
LONG: WILL ONLY BE GOING LONG TODAY IF:
We had a BF786 and a bullish cs formation during Asia. If we get a test of that during the UK session and a bullish cs formation we will go long, limit 80-100 pips since it’s a shallow bounce. Stops below the low of the cs formation.
If we don’t get the setup we are looking for then we don’t trade.
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