themarketzone

Opens above the Fast SMA line - Here's what you need to know

FX:EURUSD   Euro / U.S. Dollar
$EURUSD opens above its daily Fast SMA line but still below 1.1
In the Weekly Markets Analysis (press here to read - http://goo.gl/SLSwmk ) I explained and showed how 1.1 should be your focus zone.
If you are bullish , you should wait for a close above 1.1 and than probably target the downtrend line and the 50 SMA line (nearest resistance). For extended target you can aim for the blue Butterfly completion near 1.135.

If you are bearish and $EURUSD remains below 1.1 than your targets should probably be 1.09, 1.08 and 1.07 (the Gartley completion).

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