The bulls and bears have been fighting it over 1.1350 throughout most of last week.
Price pushes up higher, only to be driven down to its close, three days (and counting) in a row.
Now while the bulls don't seem to be able to drive price higher, the bears haven't managed to gain any ground at all, despite all their intraday efforts.
I think the larger structure on EURUSD is well represented by the channel I've drawn in. It's characterised by choppiness and not easy to trade in, however, the next legs looks to be up.
I'd like to see price close above the top of the inner channel I've drawn in, giving me an opportunity to target 1.1400 before sellers might look to reverse price.
Price pushes up higher, only to be driven down to its close, three days (and counting) in a row.
Now while the bulls don't seem to be able to drive price higher, the bears haven't managed to gain any ground at all, despite all their intraday efforts.
I think the larger structure on EURUSD is well represented by the channel I've drawn in. It's characterised by choppiness and not easy to trade in, however, the next legs looks to be up.
I'd like to see price close above the top of the inner channel I've drawn in, giving me an opportunity to target 1.1400 before sellers might look to reverse price.
Trade closed: target reached:
We got our push upwards, and so far, price appears to be rejecting the upper channel trendline I've drawn in.
Is it a sell now?
Not in my books. Price looks bearish right now, but the bears, once again, haven't managed to actually move price lower. In fact, price is just sitting there. Be careful here.
Trade options for me are:
1. A buy down at 1.1200 or so. I'm not saying it will get there, but if it does, I'd be interested in a long.
2. A buy if price manages to bust out of the consolidation channel, and retest it from above. Also, not a prediction, just a plan.
Is it a sell now?
Not in my books. Price looks bearish right now, but the bears, once again, haven't managed to actually move price lower. In fact, price is just sitting there. Be careful here.
Trade options for me are:
1. A buy down at 1.1200 or so. I'm not saying it will get there, but if it does, I'd be interested in a long.
2. A buy if price manages to bust out of the consolidation channel, and retest it from above. Also, not a prediction, just a plan.