EURUSD set up to rise from dynamic support LONG
EURUSD is currently sitting at the price level from which it reversed in mid-December as
well as mid-February. Price is at the second lower anchored VWAP band line which adds
confluence to the support. From here, price should move toward the mean VWAP.
Upside to the target mean VWAP is about 1.25%. The RSI indicator shows weakness and
an undervalued / oversold condition.
The predictive algorithm based on lookback regression line analysis suggests a move up
to the first upper VWAP line at 1.0954.
well as mid-February. Price is at the second lower anchored VWAP band line which adds
confluence to the support. From here, price should move toward the mean VWAP.
Upside to the target mean VWAP is about 1.25%. The RSI indicator shows weakness and
an undervalued / oversold condition.
The predictive algorithm based on lookback regression line analysis suggests a move up
to the first upper VWAP line at 1.0954.
Trade active:
Chart zoomed to 60 minutes for more detail of the trade analysis
Comment:
Nice movement this morning. 25% partial profit taken. Stop loss comfortably above breakeven. Adding at the VWAP transient consolidation.
Trade closed: target reached:
Trade closed short of final target. Rate cut ambiguities and the effect on dollar value makes market unclear. This was a profitable trade due to tiered partial
profits on the way higher and a tight trailing stop loss.
profits on the way higher and a tight trailing stop loss.