EUR/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.2480
Key G7 support levels: 1.2570, 1.2520, 1.2480/2500
Counter-trend and scalping opportunities:
Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal.
Today’s trade suggestion:
Beaten down from the weekly trend-line as expected, but not “out” Allow for a bit more work under the trendline, and perhaps even a pull-back to 1.2300-1.2400. That having been said, we need to stay above the weekly reversal level at 1.2480 this week for the strong bullish momentum to continue, and we’ll look to buy into dips
whilst that is the case. Good support levels lie at 1.2570, 1.2520 and 1.2480/2500. Watch and wait for a clear G7 entry signal before buying the euro for a rally back to 1.2700. I suspect that the euro won’t be in a rush this week, so be patient – there will be plenty of time to pick your moment!
Summary: Patiently wait for dips down to support levels before buying the euro after a clear G7 entry signal.
Target 1.2600.