EURUSD An intraday update

FX:EURUSD   Euro / U.S. Dollar
As an update to the previous intraday chart http://www.tradingview.com/v/uZsJ6HFx/, price action continues to follow the analysis very well. eurusd has reached within about 7 pips of the exact VAIL 1st target and as all who trade the currencies are well aware a front run of 10 pips is not uncommon in eurusd for a counter-trend trade. Still a very profitable trade of about 100 pips.

We have updated the intraday chart to show the identified VAIS that has reacted very much as expected, had reached the 1st target, is approaching the AIL, (just dropped down to the entry range as we type).The next intraday short targets and entries are clearly marked as well as the next intraday long setups.

It would be wise to refer back to the LT charts that we have published to understand where these intraday trades are occurring in relation to the larger time-frame. Constant vigilance is the watchword for all trading, but even more so when trading curriencies as they are receive direct intervention by governments.

We draw your attention to the original chart published on this site, http://www.tradingview.com/v/MwqTOWOb/, which clearly identified the Aggressive ST Short as likely to be a much more aggressively sold entry level. So far the short has held for six straight weeks and shows the determination of the sellers to hold this level.

Intraday updates on the currencies are a real challenge as our proprietary algorithms automatically produce the entry and target areas on our proprietary trading systems and our clients receive this information as it occurs. But we then have to manually transfer the levels to the charts here which we can only do when we have the available time. So once again while typing and marking up the chart there has been another spike down and the price has almost reached the VAIS 2nd target, within 7 pips again. Price is now deep into the AIL entry range.

We will point out again that the levels that we identify in a high percentage of cases will produce very profitable trades on both the long and short sides and that targets on both will reach their respective targets without either setup failing. As an example note the VAIL and the VAIS. It is the way the market functions.

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