EURUSD - Bulls Reinforce- Early Buys Next Week Likely

FX:EURUSD   Euro Fx/U.S. Dollar
471 3 17
Greetings Fellow Traders,

A trade to begin the week!

Last week we began with the perspective that the demand to buy the EURUSD             instrument was diminishing and that we would be selling our way down just under 1.11000. We also noted that it was possible, for EURUSD             to make one last bullish attempt before this drop occurred. EURUSD             began last week almost immediately on a bearish note and then just idled lower for the remainder of the week.

Structure was not lost on the technical's almost a direct reversal of last week's analysis. EURUSD             found support at it's previous resistance off the impulse move it had from the 2015 lows.

Currently on the 1 hour chart there are 2 important bearish strength lines to pay attention to. Once confirmed to be broken - the stage will be set for EURUSD             to rise initially to an estimated target of 1.1190-1.1250. 1.1240 is my ideal target (based off of the first resistance that was found before making our current 2016 highs.

Here is the 1 hour chart for reference:

Once this is achieved we'll have to readdress the situation.

On the flip side of things - Watch out for a confirmed break on the daily chart of 1.1050 - This will not be a good sign for the bulls. It puts what could be the start of a new bullish trend in jeopardy as a retest of the core strength would now be inevitable almost 100 pips lower.

Be smart, be patient. Feel free to like/comment/follow
11 months ago
Long after testing support.
+1 Reply
Synapse arif_awan
11 months ago
Thanks for sharing arif_awan. This is definitely one of the possibilities once we reach the 1.12-1.1250 area. Make sure the market is committed to your idea :)
11 months ago
Agreed, I'm looking to short we arrive at your target ;)
+1 Reply
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