themarketzone
Long

Bat pattern reached target zone - Now meeting weekly support

FX:EURUSD   Euro Fx/U.S. Dollar
9 months ago
$EURUSD is approaching a weekly support zone that includes several smaller daily support zones:
1. 1.105-1.11 – Daily minor structure zone, the Fast SMA line and the daily 200 SMA line
2. 1.1 – Strong daily support zone and the top of previous Bull Flag (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 bearish 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 bullish side.
Each one of the daily zones mentioned above can be used to find bullish 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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9 months ago
Comment: Bearish development last week with rejection from 200 SMA line.
9 months ago
Comment: See updates chart below
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Tomer J,
The Market Zone - You trading Edge
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snapshot
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Will open the week testing support, trend line and top of previous bull Flag
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