EUR/USD 27 JANUARY 2012

EUR/USD – follow me on twitter @fxdailyforecast

No trade setup on Friday as we were waiting for  B high to form.

FOR TODAY:

We seem to have a B high at 3485, will see if it holds. We can only sell on a test of the high with a bearish cs formation, or buy at the 618/786 of this AB swing.

SHORT: WILL ONLY BE GOING SHORT IF:

We need a swing low followed by a test of the high; price is just sideways at present, will wait for a clear setup.

If we don’t get the cs formations we are looking for then we don’t trade.

LONG: WILL ONLY BE GOING LONG TODAY IF

We need price down at the 618/786 followed by a bullish cs formation.

If we don’t get the setup we are looking for then we don’t trade.