1. 1.105-1.11 – Daily minor structure zone, the Fast line and the daily 200 line
2. 1.1 – Strong daily and the top of previous (also include the 50 days MA)
3. 1.085 – Daily structure zone and the 61.8 Fib retracement level
That means that in order to continue higher and breakout of its weekly trading range 1.05-1.14, $EURUSD must at least remain above 1.1, or to spike down to 1.085 and close back up above 1.1.
If $EURUSD will close below 1.1 and below all 3 MAs, it will be considered as a signal and perhaps indicate that $EURUSD will head lower to re-test the bottom of the trading range before the next ECB meeting.
For now, based on current price level, the focus remains on the side.
Each one of the daily zones mentioned above can be used to find trading opportunities based on intraday price action.
Stop loss, for swing traders, should be at least below 1.1 (preferably below 1.085 for longer term position holders)
Tomer, The MarketZone
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