Following a higher surge during the EU session this morning. with the pair gained nearly 110 pip. The Euro pair continue's to move up in a strong BULLISH trend as it did for past - days ( view Daily chart below ).
On the other hand. EURUSD is holding well above the long term 200 days simple moving average (that's why we dont recommend any short trades on the EURUSD for the coming days). The 50 and the 20 days simple moving averages are also confirming continuation of the the well establish BULLISH trend. You should be however; alerted to the Pennet Pattern which is emerging on the 30M Chart. Which might break up in the direction of main BULLISH Trend on Daily Chart
CONCLUSION: As per above general BULLISH trend; Only Long trades to be considered following completion of any counter trend falling correction on the 30-minute chart. (Note: This conclusion is only valid as long as price is holding above the 200 periods simple moving (red dotted line) average the on the 30-M chart ). For the final Long entry signal please watch for the coming vertical Key Time Reversal Zone on the 30M chart (as presented on 30M chart below)
(c) This pair review has been published by TFF (TM) Forex Scanner Analysis team trendfollowingformula.com on Tuesday 2016.08.02 13:30:56 (GMT).
Comment
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Move stop loss below 1.1185
Trade closed: target reached
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take profit Now as we just touched 161.8 Fibo External price projection
Comments
SerenaAadms
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Just a reminder that euro dollar long party is not over yet.
Let the market settle during night and tomorrow morning we should be hunting for longs.
Nice evening all.
JMLC
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Awesome good job!!!
SerenaAadms
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Thank you for your comment.
SerenaAadms
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Waiting For the last push up before lunch break on the NA session.
Let the market settle during night and tomorrow morning we should be hunting for longs.
Nice evening all.