Can eurusd rally past the quarterly resistance?
With the intense fall in the equities today, I think it's possible that eurusd rallies and confirms this time at mode weekly uptrend.
Rgmov broke a trendline and it seems to have bottomed for the time being.
The level to break is 1.13958, today.
Once past it, we should see new highs really fast, and start travelling towards 1.21880.
Stop loss for the long trade would be at 1.11878 or lower, but we need confirmation, a very sharp rally, sharper than any of the previous declines, and a new high above 1.145 asap, otherwise it might be a retracement prior to a fall to parity or close.
There's a daily uptrend that expires on the 25th, this will be a key date to watch. If we get the move above 1.13958 today and a 50% retracement from this week's open to today's eventual high, we can happily go long there with a stop at the mode (or at this week's open).
I'll be monitoring it closely, for now, focusing on other pairs to trade intraday and to take advantage of pair trading opportunities.
Good luck!
Ivan.
With the intense fall in the equities today, I think it's possible that eurusd rallies and confirms this time at mode weekly uptrend.
Rgmov broke a trendline and it seems to have bottomed for the time being.
The level to break is 1.13958, today.
Once past it, we should see new highs really fast, and start travelling towards 1.21880.
Stop loss for the long trade would be at 1.11878 or lower, but we need confirmation, a very sharp rally, sharper than any of the previous declines, and a new high above 1.145 asap, otherwise it might be a retracement prior to a fall to parity or close.
There's a daily uptrend that expires on the 25th, this will be a key date to watch. If we get the move above 1.13958 today and a 50% retracement from this week's open to today's eventual high, we can happily go long there with a stop at the mode (or at this week's open).
I'll be monitoring it closely, for now, focusing on other pairs to trade intraday and to take advantage of pair trading opportunities.
Good luck!
Ivan.
