The 124.750 highlighted region is looking to give way relatively soon. On Friday we saw a breakout of the counter trendline followed by a retest which managed to hold back above, currently the top highlighted region is providing some strong resistance however, once we do see a strong push to the upside the probability of pushing higher into the target region of 126.000 is highly likely.
Confirmations on the 8hr and Daily timeframe are needed in order to enter the market. The moving averages are crossed over to the upside and continuing to provide dynamic support for the Euro .
Great risk/reward ratio of 1:1.87 once all technical factors fall into place.
Order cancelled
⋅
So the Euro failed to gain the momentum needed in order to blast through the 124.750 top highlighted region, which would have provided an long entry opportunity.
Now we're currently being supported by the 124.000 monthly support region but if we look carefully from the 15th Jan onwards the market has been discreetly printing H.H's and H.L's indicating that we price may attempt a 4th drive into the 124.750 region with a view to break. Of course should we slip below the 124.000 monthly region we can revisit the range-lows currently sitting at 123.50.