DollarsNSense

BULLS AT FIRST RESISTANCE - HAVE THEY GOT THE POWER?

OANDA:EURUSD   Euro / U.S. Dollar
HAPPY NEW TRADING WEEK - what a difference a weekend makes. If you are a Friday and Monday trader, you should be riding the EUR/USD rally and be doing very well from a classic reversal. With the reversal of trend underway, my focus is on locating rest points for the long suffering Bulls. I believe we are at one of the pause points now and will be looking for a re-test of 1.1500 and perhaps deeper, to 1.1445 which is looking a little lonely some 75 pips below current price. If the re-test of 1.1500 OR 1.1445 test is to be tradeable - I'm in need of a setup and currently - none exists. A lower high is therefore a must.

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