EURUSD Last phase of Accumulation

Chart Description will be added soon

Trade active:

Long @ 1.15393

Comment:

After EURUSD had broken out of the January - April distribution range, the pair found support at 1.153, ranging between it and 1.18. A break out lower, lead to a sharp decline to 1.13, the 0.618 extension of the April 19 and May 29 leg and its correction to mid June, which was eventually shortly bought and brought back in the range. This selling climax marked the end of phase A of the accumulation.

The pair is now testing the range support which is also 0.618 level of the move from sell off climax to range resistance. Moreover, the rate pushes here against the lower BB with a horizontal 20 MA. Oscillators seem well recharged.

Should the support hold again, the start of phase E will be confirmed if EURUSD succeeds in breaking the range 1.182 resistance level and the long term trend line which became resistance after it has failed to get back above it on two occasions.

Comment:

After NFP, additional long @ 1.15104 has been filled

Trade active:

EURUSD reversal, expecting a correction/consolidation till Monday London session before a steep rise to retest 1.18s

Trade closed: stop reached:

@ 1.1411
Scenario invalid after breaking under 1.142