EUR/USD saw a ton of buying pressure after it reach its 52 week low last month. The pair has made it through strong resistance in the 1.16 area and performed a textbook retouch of the resistance turned support. I am entering a long position at 1.1610 with a 40 pip stop loss and a take profit at 1.75, although i'm not opposed to taking the trade early.
This play corresponds with a weakening USDX as well as decisive bullish momentum from the EXY.
The pair is still slightly oversold using the CCI indicator and I expect to see it come full turn to take the pair higher to the next area of resistance over this week.
While there is not much Euro news on the board this week, USD has Non Farm Payroll this Friday as well as ISM Manufacturing PMI earlier in the week.
This play corresponds with a weakening USDX as well as decisive bullish momentum from the EXY.
The pair is still slightly oversold using the CCI indicator and I expect to see it come full turn to take the pair higher to the next area of resistance over this week.
While there is not much Euro news on the board this week, USD has Non Farm Payroll this Friday as well as ISM Manufacturing PMI earlier in the week.
Trade closed: stop reached:
Despite the American and Canadian markets being closed yesterday, the dollar has not stopped gaining. Lets let go of our trade bias and find the true direction before trying agin.