albert.callisto
Long

EURUSD - Waiting for RSI bounce, targets defined by rule of 7

FX:EURUSD   Euro Fx/U.S. Dollar
97 0 4
8 months ago
EURUSD             is frankly quite a mess with desperate attempts by Draghi to weaken its currency, there is more or less consensus that EURUSD             will continue to raise.

RSI
On technical side, we may wait for the RSI to decrease a bit until it reaches the "oversold" area at 30. A bounce would provide a first trigger for a buy trade.

Targets
Targets are defined using "rule of 7" (see http://tinyurl.com/gsdboop and http://tinyurl.com/h8mxv6p) with range set at lows after Draghi (invert) bombing and 1.0 at highest point of the current range. Rule of 7 for bullish stipulates levels at 1.75 and 2.33.
8 months ago
Comment: Pair continues to lateralize, the next scenario is still obscure..
8 months ago
Comment: With terror attacks, EURUSD reached 1.12 level. I think this has been mostly driven by algorithms looking at bad news. Now that is reached the SSB, we may see the uptrend.
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