Greetings Fellow Traders,
EURUSD failed to confirm the bullish perspective that was posted over the weekend. It was critical to get a close near/at 1.1140 before considering the buy position. We slid below the defined support and proceeded to use it as resistance this week. The current move looks to be making an attempt at the bullish strength from the 1.05 lows of 2015.
While It is becoming increasingly speculatively that the 1.0950 level will not break on it's first arrival, EU remains in a peculiar position as just 100 pips above the key technical level sits the other important level holding price down now. Look for signs to buy EU as we approach 1.0950 - but very similar to the 1.1140 buy trade to begin the week - wait for the market to be on your side. Simply reaching the level is not enough to convince that we're trading with the market.
Should the 1.0950 level be broken on the daily scale - look for a retest and a strong continuation move lower.
I recommend buys above 1.0950, and sells below 1.1050 and 1.0950(if it is confirmed to be broken on the daily)
Feel free to comment/like/follow.
EURUSD failed to confirm the bullish perspective that was posted over the weekend. It was critical to get a close near/at 1.1140 before considering the buy position. We slid below the defined support and proceeded to use it as resistance this week. The current move looks to be making an attempt at the bullish strength from the 1.05 lows of 2015.
While It is becoming increasingly speculatively that the 1.0950 level will not break on it's first arrival, EU remains in a peculiar position as just 100 pips above the key technical level sits the other important level holding price down now. Look for signs to buy EU as we approach 1.0950 - but very similar to the 1.1140 buy trade to begin the week - wait for the market to be on your side. Simply reaching the level is not enough to convince that we're trading with the market.
Should the 1.0950 level be broken on the daily scale - look for a retest and a strong continuation move lower.
I recommend buys above 1.0950, and sells below 1.1050 and 1.0950(if it is confirmed to be broken on the daily)
Feel free to comment/like/follow.
