EUR/USD – follow
me on twitter @fxdailyforecast and stocktwits.com/fxg
No trade setup on Euro yesterday, price dipped and
rallied through the B-3264 high.
FOR TODAY:
If price remains above the B high on a sustained basis
then the 3172 becomes the A low. We will need a retracement to the 618/786 for
a long trade setup. We don’t have a decent swing high yet, will wait and see
what happens in the UK session.
We have a bigger 618 at 3300 and a previous
swing high at 3290, price might find some resistance here – wait and see.
SHORT: WILL
ONLY BE GOING SHORT IF:
No trade setup since we don’t have a B- swing high as
yet. We first need a swing high, then a test of that high followed by a bearish
cs formation for a short entry – so no trade setup during this session. If
something develops I will post on www.stocktwits.com/fxg
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
If 3282 becomes the B high and price retraces to the
618/786 then we will look for bullish cs formations at those levels for long
trade setups, else if price just rallies from current levels then we have no
trade setups.
If we don’t get the setup we are looking for then we
don’t trade.
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