fxstraderomi

Quick Look: Play with trend lines in EUR/USD

FX:EURUSD   Euro / U.S. Dollar
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moving on here is how I prefer to take a trade in EUR/USD             pair. First of all I would like to stay out of the pair now and would consider fresh trade tomorrow at London opening depending on what the trend lines tell me.

Take a note of the following –

  • Rising channel (a) – resistance at 1.1517 & support at 1.1122
    rising trend line (pink) (b)
    another rising trend line drawn from Mar 2015 low-april 2015 low and extended (c)

As of now, both a and b are support levels seen at 1.1122 and 1.1030 and c is resistance at 1.1265

  • If I see a daily close above 1.1122, I would open a long trade aiming for 1.12 levels
    If I see a close between a (support) and b, I would avoid trading the pair
    If I see a break/daily closing below b, I would go short on the pair.

There are other technical levels. but I would take my trades depending on the trend line and may consider exiting/booking out by looking at other key technical levels.

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