EURUSD: FOMC and ECB Key levels

FX:EURUSD   Euro / U.S. Dollar
706 15 29
On this chart I have plotted the most recent FOMC and ECB Key Levels to give you an idea of where the Euro             can and will go.
Every time we have a close, and/or a range expansion day emerging from these, we have a viable trade setup.
You can easily see how it can be a good idea to keep these levels in mind.

The monthly downtrend mode has been broken down today, and the day closed below the FOMC key levels, whilst the monthly range was expanded down, so after this month's close there's a possibility of resuming the monthly downtrend in the Euro             , which would warrant seeing a massive decline towards parity or lower.
I'm short from 1.1156, with stops at 1.122, which sits above this double FOMC key level, AND a monthly mode, so odds of being stopped out are small.
If we're lucky we could get into a massive trade here. It's also a good idea to short EURCAD             , since USDCAD             is at a good level to retrace from.

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We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Comment: The short trade was negated after we expanded the daily range. It's clear we have found support at the 2x FOMC level on the chart to the left. We can enter longs with stops under the recent swing low to be conservative. This makes me doubt the monthly decline, since we literally had to drop vertically to confirm it. So, EURUSD remains range bound.
Comment: I'm flat for now, not clear 100% right now.
Comment: Back under support, interesting down day, very strong decline.
Comment: You can see how price reacted after holding at the 2x Key FOMC support level.
Comment: These levels are extremely useful to navigate the Euro chart. We can expect a mild retracement before uptrend continuation here, let's see what happens next.
Trade active: I wanted to buy slightly lower, but it seems like EURUSD is holding at the FOMC level that sits at 1.13093. We can enter longs here with a 1 atr stop loss or wait 2 more bars if more conservative.
Comment: Entered EURUSD long now, stop loss is 1.115.
Comment: If you monitor for a reaction against the key levels, you can get a very good trade for sure. See for yourself. Use 1 ATR stops each time.
"Entered EURUSD long now, stop loss is 1.115. "Quite an early entry, Ivan. But the stop is good so great. I'm waiting on a signal bar , prorbably on lower timeframes, 4H, 1H, whch hasnt shown as at yet.
IvanLabrie moorekapital
Yes, it's just a good level to enter. My risk is 0.25% in case we get a bit lower.
I'm also long S&P500, I anticipate a rally from here onwards.
+1 Reply
moorekapital IvanLabrie
Great ! I scalped SPX500_5mins as well. Pictures in the "NAKED TRADING ROOM" : https://www.tradingview.com/chat/#Q8tWbgGWUxMgOT0K . The last few minutes were awesome!
IvanLabrie moorekapital
Good one ;)
I entered long from 2093, had a long earlier but got stopped out...it's how it goes.
This support level should hold and we should see a rally and new highs for the month if I'm correct in my asessment.
moorekapital IvanLabrie
Awesome! I was quite late in entry: 2094.24 and out 2098.17
IvanLabrie moorekapital
I will let it run personally, it wasn't a short term trade in my case.
The support level, if it holds, will send prices up strongly next week.
+1 Reply
moorekapital IvanLabrie
Cheers boss.
TheZabisyu IvanLabrie
Where is approx TP for your long? Just to compare.
monthly chart cheers
The monthly might turn into a downtrend, but it's a different timeframe than the one I'm trading here.
Let's see how it evolves.
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