EURUSD: Multiple reasons to go long

FX:EURUSD   Euro Fx/U.S. Dollar
If we analyze the 4h, daily, weekly and monthly charts, we will find an abundance of reasons to go long EURUSD             in this region, to name a few:
  • Dax is moving down, EURUSD             normally correlated to it, lagging.
  • Ichimoku cloud support between 1.113-1.103, and lagging line about to bounce from old price
  • Time at mode 4h trend signals' targets about to get hit (1.1115-1.11 mark)
  • Monthly range expansion entry, we're in the buy zone (this also signals a pending advance to 1.21397)
  • Profile value area low area, with low volume support below at 1.1035.
  • Pitchfork's WL support, also interesting AR lines in 4h.
  • Fundamentals: Draghi's speaking tomorrow, and this week we have very important news events from tomorrow and until Friday.
I placed a pending buy order here and will use the monthly level for the stop loss at 1.8860 in FXCM's feed, and the profile low volume support for the second entry (trade's split in half).
Managing the trade is key, I'll update this via my zulutrade page.

Good luck,

Trade closed: stop reached: Bounce worked as expected, I booked profits before it collapsed. See updated weekly chart.
Forgot to add, price is sitting on top of the 66 periods moving average (1 quarter).
IvanLabrie PRO IvanLabrie
I also left out the 25% retracement from the monthly chart: 1.10233.
1.8860 ?
add a 0 :D
Nice chart and analysis.
Ivan dont understand eu with dax comment..'Dax is moving down, EURUSD0.07% normally correlated to it, lagging. ' from u r chart eu /dax moving togather upto 11/8 ?
They are closely anti-correlated, I plotted an inverted Dax there, to make it easier to see.
Dax up = Eurusd down in general.
Be cautious mate, US dollar doesn't seem to be weakening any time soon :)
+1 Reply
IvanLabrie PRO moneymaking
Depends on the currency pair.
Hello, after the FOMC im reconsidering my long term view on EURUSD, may be this pair will never reach parity. The final rally is near but i need to build a solid case. Regards.
+1 Reply
IvanLabrie PRO FullTimeTrader
I was under that impression, it's something everyone expects, and every time we have a rally people are wanting to short towards parity (when that's a very wide move, which going by the ATR, wouldn't be doable in the timeframe everyone thinks it would).
I'm trading it in the intermediate/short term mostly, like everything else, it's hard to predict direction for longer than one leg this year. Everything's corrective.
I'm in, already up 3%.
Let's sit and wait for Draghi's speech now.
Once in......let's be patient enough to see price do its thing. My hope is to see 1.15 ATTACKED fiercely, and turned a former FLOOR. WAITING on this, would be the toughest task to do on this market. Hence, I'll look at DAILY charts only! , and once in a day, NY close, to verify, if my order is still on. Lower time frames would find me MICROMANAGING=DESTROYING THAT FLOWER YET TO BLOSSOM ;)
IvanLabrie PRO moorekapital
My entry is optimal, IF my analysis is correct. Definitely ruining it if I exit too soon, won't get a second chance of having the stop so low.
Good luck!
Rather decent entry so far...now just sit and wait, forever.
I booked profits with my remaining position after Yellen's speech sent the euro down.
Lost a few pips but still ended up making a good profit vs initial risk.
Monitoring for re-entry, maybe we get a second bounce from the same spot. Watching 4h charts closely.
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