andrew.berg

EURUSD It is Ok to change your Mind

FX:EURUSD   Euro Fx/U.S. Dollar
On Daily chart it is is in uptrend since July 2013. After big, ignited, red candle on 20th of March it entered into range-bound market and bounced up well off major trend line . Till now it built series of lower high and higher lows ( wedge ) and gave opportunities to trade both sides (selling from wedge highs and buying support).

On Friday when US job report was released it accelerated to downside with quick reversal. I mentioned in comments:
"Reagined some levels of support and building nice upper-level base in front of resistance. We can see break up of those highs and expect some upside follow through then.
Entry point: 1.38800
Stop: 1.38680 then 1.38634"

Now, i will measure this move with fibonacci levels (the higher it will hold the higher is probability that it will continue higher) and moving averages.

It is impoprtant to make adjustments and to know key levels. Trade price action not opinion.
This spike on 15m TF I wold have expected to returned back down by now. It's a very messy flag so still favor the down but not enough for a trade.
Reply