Hi Traders,
I trust this week has been amazing thus far, Looking at EUR/USD, Price action has not allowed us to get involved in a short position yesterday, Today the tables have turned and I do believe that the Bulls have come to play on this one. Price has fallen significantly since our post, But throughout the London and Asian sessions, there has not been much action on the instrument. My attention now follows the bulls as price action gives us some reversal signals.
Looking at the current One hour Time frame, We see that price at the current moment is trying to create a Double Bottom pattern. Price has also reversed from a support level testing the area twice, Once in Asia and again Pre New York London. Now we are facing the opening of the New your session, as well as the NYSE open, and bulls seem to have the upper hand.
I will take this setup once we have a break and close above 1.0200, I would like to see a retest into the 1.01900 area before Launching those Long orders. If the bears remain persistent and the price falls back below 1.0750 I will no longer be interested in this position. Target is simple as I am gunning for the Previous high.
Let's see what the New York Session has in store for us.
Renaldo Philander
I trust this week has been amazing thus far, Looking at EUR/USD, Price action has not allowed us to get involved in a short position yesterday, Today the tables have turned and I do believe that the Bulls have come to play on this one. Price has fallen significantly since our post, But throughout the London and Asian sessions, there has not been much action on the instrument. My attention now follows the bulls as price action gives us some reversal signals.
Looking at the current One hour Time frame, We see that price at the current moment is trying to create a Double Bottom pattern. Price has also reversed from a support level testing the area twice, Once in Asia and again Pre New York London. Now we are facing the opening of the New your session, as well as the NYSE open, and bulls seem to have the upper hand.
I will take this setup once we have a break and close above 1.0200, I would like to see a retest into the 1.01900 area before Launching those Long orders. If the bears remain persistent and the price falls back below 1.0750 I will no longer be interested in this position. Target is simple as I am gunning for the Previous high.
Let's see what the New York Session has in store for us.
Renaldo Philander