sumastardon
Long

EURUSD Update: Get long Euro on this minor consolidation

FX:EURUSD   Euro / U.S. Dollar
EURUSD: After yesterday's powerful impulse wave the Euro is consolidating recent gains - but won't come back far. Look to get long if not already as per comment.
Comment: NB If at any point the trendline is broken at 1.10785 (stops for longs must be below here) it should force the Euro back to the breakout area, where the old high meets the rising support line at 1.1013 to 1.1010 but no lower - this would present the buying opportunity of the Summer if it presents itself - but it won't, so long as that trend line which is chanelling this impulse wave holds good.
Comment: Need to watch this long Euro position here as it tests the high again...need to see enough momentum to push through higher on NY open otherwise we have a short term double top so day tarders keep a close eye here and close down if it sticks at the highs...not a bad idea to close out longs anyway and lock in profits from yesterday and go long again once this resistance is cleared as per comment above
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