EURUSD: With EUR bullish and threatening further upside offensive, the risk is for more strength towards the 1.3301 level, its Jun 20’2013 high. This is coming on the back of its rally triggered off the 1.2764 level on July 10’2013. Further out, resistance resides at the 1.3350 level followed by the 1.3415 level, the location of its Jun’2013 high. A break through here will resume its medium term uptrend and open the door for a run at the 1.3500 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3190 level followed by the 1.3100 level. On continued weakness the pair will target the 1.3000 level, its major psycho level. All in all, EUR continues to retain its upside bias.
Nice analysis.
I am waiting for afternoon macro news. I also do not see aggressive sellers entering the market yet. But I consider long trades very risky though.
I want to tak aggresive short at 1,3258 and I am ready to hold it all the way to 1,3350 which is another major resistance level for me. If the upside pressure continues and I will be short I will work with short term longs to hedge my exposure.
Hi,
Thanks. Nice scenarios. We also think that its inability to strengthen strongly may be a sign that a correction or mild pullback may be developing. Watch out for the downside in case this occurs and be careful with a large short.
My short entry was missed by 2 pips. Now I do not want to short @ 3258 anymore.
I took long after the selloff @ 3223 and I expect test of today´s high where I target with this trade.
I agree. Pullback would be healthy, but we have to wait for sellers to step into the market.
EURUSD - I closed my long trade from previous tweet before macro news release. Basically a scratch trade.
I am waiting to get more clues on another move.
