EUR/USD 26 JUNE 2012

EUR/USD – follow me on twitter @fxdailyforecast and stocktwits.com/fxg

Price has found support off the 2470 lows, a break of 2523 will take pressure off the downside.

FOR TODAY:

Price seems to have bounced off the 86 of the AB swing. We are looking for a rally towards 2600 onto 2680 over coming sessions.

Short trades are considered at Fridays high, or circa 2680 after bearish cs formations.

Price has NOT reversed on this timeframe as yet, we need a sustained break of 2442 to start the reversal on this time-frame. Its still in its up-trend on this time-frame.

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

SHORT: WILL ONLY BE GOING SHORT IF:

We need a test and failure at Fridays highs for a short entry, else higher up circa 2680.

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

LONG: WILL ONLY BE GOING LONG TODAY IF

Today is a DA86 trading day where we are looking for price to extend, we are looking to buy after dips followed by bullish cs formations. Place stops 10 pips below the cs formation. Limits will be up at 2670 over coming sessions.

Only a sustained break of 2442 starts a reversal on this timeframe.

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