Marc_Hav

Marc_Hav

If this works out (LOOKING MUCH MUCH LOWER THAN 88.30) then I'm a Forex God ;-)

Marc_Hav

Taking 25% off at 1.5390 and 1.5340.

Marc_Hav

Interesting confluence (see yellow ellipse)

Marc_Hav

A bounce from oversold conditions and approaching monthly options expiry.

Marc_Hav

That would be the last level to stay bullish. The SL might be too large though... might want to cut the trade if price action shows no resistance around 1.0910.

Marc_Hav

Above 123.75 the pair becomes extremely bullish...

Marc_Hav

Basically targeting the gap.

Marc_Hav

A (re-) test of 1.1104 (the 38.2% from the April/May move) might be in the cards. The ideal entry to go long would be 1.1085 with a stop under 1.1065. Further risk to the downside is 1.1025, below that would probably mean to re-think the bullish bias. One of the conservative targets is 1.1725 if price can successfully break through 1.1455.

Marc_Hav

As previously published for the daily chart, that 1.3702 level is of high interest. A drop below 1.3726 would satisfy a 38.2% retracement from the latest move up. Below (1.3702) potential support could come in at 1.3667, if not, then 1.3591 is of interest as a confluence of the 50% Fib and the (blue) ML. Further below the confluence of a former ML, the 61.8%...

Marc_Hav

If there is a gap down then 1.3702 might provide resistance. SL below the 5/22 daily reversal at 1.3667. There is a possibility that 1.3745 was the level to go long on friday... if that is the case I will be looking for an entry on the sliding parallel.

Marc_Hav

Expecting a bounce, $9.20's maybe.