EURUSD is in a small range yesterday and the buy and sell levels given did not hit. After market sold down on Friday, we had a higher low yesterday. Lows are in?
Trend is still down but price action is neutral to possibly bullish (yesterday candle could be a potential reversal candle). Unlike indices which is straightforward bullish, TBH it is not so clear for EURUSD.
Given the divergence between price action and trend, could play both directions. I would like to look for longs at 1.0752 for a potential higher low to target 1.0800. However it is likely this target will only be hit during US session on US CPI data.
Thus if price moves up first, have to trail stops to protect profits before US CPI. An alternative long would be at 1.0724, near Friday's low. Possible volatile move on US CPI, thus market could come down to test this level before making a reversal and closing higher.
And the potential short level would be from 1.0800 for a rejection from BZ. A close above the BZ would set the ground for further upside in the coming days.
Trend is still down but price action is neutral to possibly bullish (yesterday candle could be a potential reversal candle). Unlike indices which is straightforward bullish, TBH it is not so clear for EURUSD.
Given the divergence between price action and trend, could play both directions. I would like to look for longs at 1.0752 for a potential higher low to target 1.0800. However it is likely this target will only be hit during US session on US CPI data.
Thus if price moves up first, have to trail stops to protect profits before US CPI. An alternative long would be at 1.0724, near Friday's low. Possible volatile move on US CPI, thus market could come down to test this level before making a reversal and closing higher.
And the potential short level would be from 1.0800 for a rejection from BZ. A close above the BZ would set the ground for further upside in the coming days.
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Join me for free on Patreon (patreon.com/fademeifyoucan) to receive my daily FX and indices trading plan. DM me to join my new group to learn all my trading levels and to trade together.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.