The dollar has been weak, and EUR/USD has rallied out of the daily range this week with significant long positions not yet taken profit. Review my previous analysis predicting this in the related ideas below.
For Friday, there could be no movement, but I am looking for long setups in the boxed areas below price level, with first targets being yesterday's high. However, as indicated, no profit taking is evident at yesterdays high and price will likely be able to push through.
An aggressive entry would be a fake break below the white line, IF there is enough sellers to trap or any stops from this weeks longs who are protecting profits going into the weekend.
Remember, these areas are forecasted to draw attention, not to trade from. A proper long setup must take place, and these are the areas that make sense to me.
For Friday, there could be no movement, but I am looking for long setups in the boxed areas below price level, with first targets being yesterday's high. However, as indicated, no profit taking is evident at yesterdays high and price will likely be able to push through.
An aggressive entry would be a fake break below the white line, IF there is enough sellers to trap or any stops from this weeks longs who are protecting profits going into the weekend.
Remember, these areas are forecasted to draw attention, not to trade from. A proper long setup must take place, and these are the areas that make sense to me.
Comment:
Complete position dump/profit taking into the weekend.
Will look for significant evidence that bulls have returned. We have NOT seen distribution yet.
Will look for significant evidence that bulls have returned. We have NOT seen distribution yet.
Comment:
No trade setting up for today. Will take a look at it next week.
Related Ideas
EUR/USD Long
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about EURUSD
Potentially profit taking at the 1.15400 area on some longs going into the weekend. Look for similar type of high volume selling again if area returns. It's likely that it will return once price reaches a cheap enough price for bulls to re-enter after taking positions.
TLDR; Trend is still up, however there may be a ceiling until re-accumulation happens, which could go into next week. If we start to see distribution signs, this setup/plan will be voided.