EUR/USD – follow
me on twitter @fxdailyforecast and stocktwits.com/fxg
Price tested the 2441 lows again in the US session yesterday and
bounced off the low and then proceeded to rally in the Asian session. Today we
look for price to extend towards 2530/80.
FOR TODAY:
With the test of 2441 yesterday followed by the bounce,
today we will be looking for dips followed by bullish cs formations for long
trade setups towards the B high over coming days.
Shorts will only be considered on a sustained break of
the A low, where we will start a reversal on this time-frame.
Price has NOT reversed on this timeframe as yet, we need
a sustained break of 2442 to start the reversal 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:
I will not be considering short trade setups today; the
bounce out of support indicates that price is heading towards the B high over
coming days. Use the dips to buy into long positions.
A sustained break of 2440 negates this view.
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 we are looking for price to extend, we are looking
to buy after dips followed by bullish cs formations. We need a break of 2530,
then 2580 to open the upside towards the B high. Place stops 10 pips below the
cs formation. Limits will be up at 2730 over coming sessions.
Only a sustained break of 2442 starts a reversal on this time-frame.
If we don’t get the setup we are looking for then we
don’t trade.
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