ForceFollower
Long

EURUSD D1: Testing the 1.1 Level

FX:EURUSD   Euro Fx/U.S. Dollar
240 0 10
Here are the key points for this chart of EURUSD:
- Trend. Based on the impulse moves I find the trend still UP, although suffering from a deep and steep correction.
- Fundamentals: both EUR and USD are neutral in terms of relative strength , but EUR is stronger than USD.
- Support. The falling price may found support on the 61.8% retracement (1.0966), which happens to be at the prior highs and coincides with the down sloping trendline. There is also another support at the highs of the bottoming candles, as well as at the rising blue parallel.
- Resistance. Price may find the first resistance at the prior major lows, just a few pips shy of 1.1, but I think we'll see more to the upside than that. I find the next resistance to be at 1.1245 (prior minor high) and the next one at low of the topping candle, ie. around 1.1274.
- Trading opportunites: enter long at one of the support levels, with a stop-loss order below the corresponding prior low, looking to exit at some of the resistance levels with R:R of at least 1:1.

Here's the summary of how I see the current situation in financial markets (as of Tue. 23.02.2016, 11:00 CET):
The strongest currency: JPY (currently strengthening, soon expected to be overbought).
The weakest currency: GBP (recently oversold, now strenthening).
The leading markets:
- XAUGBP - trending up;
- GBPJPY             - trending down;
- Natural Gas             - trending down;
- GBPCAD             - trending down (be cautious trading it - may soon be marking a bottom in a very-long-term up trend)
- GBPAUD             - trending down (be cautious trading it - may soon be marking a bottom in a very-long-term up trend)
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Disclaimer:
There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell. Rather, you should use the information only as a starting point for doing additional independent research, your own due diligence, in order to allow you to form your own opinion regarding trading decisions. No assumption should be made in relation to the performance or accuracy of the methods shown. No claims are made as to the success or profitability of any of my posts.
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