EUR/USD 18 JULY 2012

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

Price gave us the B high yesterday and then fell to the786 of the swing, we are now back at the BF786 area.

FOR TODAY:

Failure from this level will signal a reversal on this timeframe and have price heading for The A low. A break of 2316 will open the upside to further rallies.

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

SHORT: WILL ONLY BE GOING SHORT IF:

We will enter short trades if we get a bearish cs formation from current levels with limits down at the A low.

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

LONG: WILL ONLY BE GOING LONG TODAY IF

Long trades can be considered if we get a dip followed by a bullish cs formation, preferably after a bit of a fall.

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