Lows should be in for EURUSD, three areas of entry for prudence
The EURUSD started it's ascend this week as a wave of impulse buying pushes price above the 200MA on the 4HR chart. The low for the pair should be in but we are wary of a potential fake out that can wipe out overzealous longs.
BULL CASE
We will enter into our first buy at the current price of around 1.179. If the market next week gaps up, we will enter at the pullback. The second buy will be at the 1.172 level. If price breaks both levels, we will take a wait and see approach and patiently hunt for an entry at the 1.16 level
BEAR CASE
As laid out in the bull case analysis, the levels 1.172 and 1.16 are areas where we might see some support for the price if the bulls do not find the momentum needed to push the price up.
BULL CASE
We will enter into our first buy at the current price of around 1.179. If the market next week gaps up, we will enter at the pullback. The second buy will be at the 1.172 level. If price breaks both levels, we will take a wait and see approach and patiently hunt for an entry at the 1.16 level
BEAR CASE
As laid out in the bull case analysis, the levels 1.172 and 1.16 are areas where we might see some support for the price if the bulls do not find the momentum needed to push the price up.