EUR/USD

It has now reached that oblique support mentioned last week. Question is - will it bounce?

gclark25 wrote: Short oon the Eur/usd based on following 2 charts.

recently broke the previously mentioned range- initially it looked like a double bottom forming, but it continued in the range, but it broke out that range last night and looks as if the oblique supporting trendline on the Daily chart (not the weekly one yet) is a near term target.

Chart above showing overall target

Above chart showing the breakout from the range.

No need to post this, but if you look at the weekly chart, you can see that the area between 12870/12890 (the target area initially) is a previous price action area.

I had a long position ready to activate but it missed this by 8 pips.. ..gutted....That was from the trend line on first attempt but it bounced early..So now i have cancelled that long as i wont try it on a second attempt on the same day..


dl.dropboxusercontent.com/u/4899609/eurusd3rdjuly.png

I should add though, there is news due today at 1.30 and 3.00pm, so I will move my stops to break even; thinking being that if it is bearish for the dollar, eur/usd will probably shoot up and chances is take out my stop regardless of distance, but if it is bullish the opposite will occur, probably resulting in it going no where near my stop.

The alternative is news is as expected and doesn't really effect price action too much, then that leaves my B.E stop at risk.

however I would rather err on the side of caution.

Short oon the Eur/usd based on following 2 charts.

recently broke the previously mentioned range- initially it looked like a double bottom forming, but it continued in the range, but it broke out that range last night and looks as if the oblique supporting trendline on the Daily chart (not the weekly one yet) is a near term target.




Chart above showing overall target




Above chart showing the breakout from the range.

No need to post this, but if you look at the weekly chart, you can see that the area between 12870/12890 (the target area initially) is a previous price action area.

Since we are running a free week campaign, I am allowed to share our charts
Here is count #2 for eur/usd:

A bounce in this area looks plausible (12990/13000. Decent support level previously and a round number. If we look at the 4H chart we can see signs of a double bottom and the accompanying divergence on the RSI/Williams.

Targets may vary - but I am looking at the 13200 area where strong resistance can be found via previous S/R levels and the 50% fib retracement.

Area's too look for on the way up -

50,100 & 200 sma's (or any other MA's you work with)
13090 (again previous S/R + 23.6% fib.)
~13150 - 38.2% fib

There is also the possibility that the price will range between 13000 to 13090.

Just a thought.