[B]My picks:[/B] Waiting for Opportunity to Sell EUR/USD
[B]Expertise:[/B] Fundamentals Combined With Technicals
[B]Average Time Frame of Trades:[/B] 1 Day - 1 Week
EURUSD has been on a tear, but price has tested the top of its rising channel formation (on the daily charts), and 1.4250 seems to be a formidable resistance level. I’m going to be looking for confirmation of a turn, including a shift in FXCM SSI, as the contrarian indicator is still showing that traders are net short EUR/USD. A variety of support levels loom below at 1.4000 (bottom of the channel) and 1.3750 (38.2% fib of 1.2885-1.4285).
My short GBP/CHF trade was stopped out yesterday, and the pair is holding below the 200 SMA. A break above that point would be a nice signal for a bullish break.
My long USD/CHF trade was triggered last night on the pair’s close above 1.0650, and narrowly avoided being stopped out this morning (my stop is at 1.0590).