EURUSD: Small long active, adding if we get strength
Updated
I think we can get a significant retracement in the Euro until December at least, so I'm currently long from 1.0534, risking a drop to 1.0397, and will look to manage the position and add to it on strength.
The key levels here illustrate where to monitor for a reaction on retests, and can give you an idea of what to expect.
After today's close, if we get a smaller range day, we could look to add to longs on strength, or alternatively, wait for 3 daily bars to confirm the bearish momentum has faded. I'll be monitoring it and updating this chart once I add to longs. Once the rally is done, I think we will be able to resume the long positions in the dollar, against the SEK and JPY in particular, but possibly against the Euro as well. We'll have to wait and see, but for now, my preferred shorts are SEK and JPY, once viable.
Good luck,
Ivan Labrie.
The key levels here illustrate where to monitor for a reaction on retests, and can give you an idea of what to expect.
After today's close, if we get a smaller range day, we could look to add to longs on strength, or alternatively, wait for 3 daily bars to confirm the bearish momentum has faded. I'll be monitoring it and updating this chart once I add to longs. Once the rally is done, I think we will be able to resume the long positions in the dollar, against the SEK and JPY in particular, but possibly against the Euro as well. We'll have to wait and see, but for now, my preferred shorts are SEK and JPY, once viable.
Good luck,
Ivan Labrie.
Trade active
The last daily bar justifies opening a buy stop to add as follows:Note
Note
Tightened all stops to Friday's low.
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