Greetings Fellow Traders,
EURUSD had quite the movement last week, with a well defined move above the key 1.1065 level that was already identified. Buys were sought near this level and for pretty much anything under 1.11000 as long as it continues to hold. The move to 1.08 area before the massive surge on the daily scale buys the EURUSD time to decide which direction it will pick longer term, but most of us are more interested in the near/medium term directions.
I continue to advise for buys near 1.1050-1.11000 as a baseline - Structure is there to support this move - but EURUSD needs to commit to it as well. It needs a 4 hour or Daily close above the Current Consolidation Strength shown. This commitment would give significantly more momentum to the bulls to see 1.12-1.13 or potentially higher.
Bullish traders however cannot ignore the Bears - A daily close below 1.1050 is likely to be seen as a Bullish Failure to defend the key technical level. Should this occur sells will be highly favored to the newly adjusted long term strength near 1.0850-1.0900
Keep an eye out for which direction it commits to, and trade with it.
Feel free to comment/like/follow.
EURUSD had quite the movement last week, with a well defined move above the key 1.1065 level that was already identified. Buys were sought near this level and for pretty much anything under 1.11000 as long as it continues to hold. The move to 1.08 area before the massive surge on the daily scale buys the EURUSD time to decide which direction it will pick longer term, but most of us are more interested in the near/medium term directions.
I continue to advise for buys near 1.1050-1.11000 as a baseline - Structure is there to support this move - but EURUSD needs to commit to it as well. It needs a 4 hour or Daily close above the Current Consolidation Strength shown. This commitment would give significantly more momentum to the bulls to see 1.12-1.13 or potentially higher.
Bullish traders however cannot ignore the Bears - A daily close below 1.1050 is likely to be seen as a Bullish Failure to defend the key technical level. Should this occur sells will be highly favored to the newly adjusted long term strength near 1.0850-1.0900
Keep an eye out for which direction it commits to, and trade with it.
Feel free to comment/like/follow.
