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EURUSD remain bullish tolerating excess for a bounce from hereBuy above 1.0591. Stop loss at 1.0573. Take profit at 1.0713. Reason for the trading strategy (technically): Price is right on major support at 1.0591 (Fibonacci retracement, horizontal support, Fibonacci projection. We hope to see a bounce up from here to at least 1.0713 resistance (Fibonacci retracement, recent swing high resistance). RSI (34) is seeing strong support at 38% but is also seeing intermediate descending resistance which limits the upside potential. Stochastic (55,5,3) is seeing strong support above the 3.7% signalling a bounce is impending.
Long
by theforexarmy
EURUSD Weekly View: Dropping nicely towards our profit targetSell below 1.0700. Stop loss at 1.0850. Take profit at 1.0510. Reason for the trading strategy: Price reacted nicely from our selling area last week and is dropping nicely towards our profit target. We remain bearish below 1.0700 resistance (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a further push down to 1.0510 support (Fibonacci retracement, horizontal support). RSI (34) is seeing strong resistance below our 61% level and has also made a bearish exit, signalling a change in momentum to bearish. Stochastic (21,5,3) is seeing strong resistance below our 90% level and has also made a bearish exit, signalling a change in momentum to bearish.
Short
by theforexarmy
EURUSD profit target reached, time to go bullishBuy above 1.0637. Stop loss at 1.0573. Take profit at 1.0760. Reason for the trading strategy (technically): Price has dropped perfectly and reached our profit target. We now turn bullish above 1.0637 support (Fibonacci retracement, horizontal support) for a push up to 1.0760 (Fibonacci retracement, recent swing high resistance). RSI (34) is seeing strong support at 38% but is also seeing intermediate descending resistance which limits the upside potential. Stochastic (55,5,3) is seeing strong support above the 3.7% signalling a bounce is impending. Reason for the trading strategy (fundamentally): The main news event driving the USD today is the U. of Michigan Confidence. It assesses consumer confidence regarding personal finances, business conditions and purchasing power based on hundreds of telephone surveys. A low or falling University of Michigan Sentiment value is considered an early indicator of an economic downturn. We’re expecting a lower value and a weaker forecast which means a weaker USD, which goes in line with our bullish EURUSD trade.
Long
by theforexarmy
EURUSD remain bearish with break of our long term supportSell below 1.0711. Stop loss at 1.0758. Take profit at 1.0623. Reason for the trading strategy (technically): We remain bearish with the break of our long term ascending support-turned-resistance line. The goal is to be bearish below 1.0711 resistance (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a drop to at least 1.0623 (Fibonacci retracement, recent swing low support). RSI (34) is seeing descending resistance
Short
by theforexarmy
EURUSD profit target reached once again, time to turn bullishBuy above 1.0711. Stop loss at 1.0622. Take profit at 1.0811. Reason for the trading strategy (technically): Price has reached our profit target for the 4th time in a row. We now turn bullish above 1.0711 support (Fibonacci retracement, horizontal overlap support, bullish price action, long term ascending support, USDCHF negative correlation) for a push up to at least 1.0811 resistance. Stochastic (21,5,3) is seeing ascending support and bullish divergence signalling a bounce is expected.
Long
by theforexarmy
EURUSD profit target reached, prepare to turn bearish againSell below 1.0800. Stop loss at 1.0880. Take profit at 1.0708. Reason for the trading strategy (technically): Price has reached our profit target perfectly from previously. We remain bearish below major resistance at 1.0800 (major horizontal resistance, Fibonacci projection) for a drop to 1.0708 support (Fibonacci retracement, horizontal pullback support). Stochastic (21,5,3) has made a bearish exit previously and still remains in a bearish configuration.
Short
by theforexarmy
EURUSD remain bearish below major resistanceSell below 1.0800. Stop loss at 1.0880. Take profit at 1.0708. Reason for the trading strategy (technically): Price reacted really nicely from our selling area. We remain bearish below major resistance at 1.0800 (major horizontal resistance, Fibonacci projection) for a drop to 1.0708 support (Fibonacci retracement, horizontal pullback support). Stochastic (21,5,3) is seeing a reaction off our 93% level of resistance. RSI (34) is also seeing a reaction off our 65% level of resistance.
Short
by theforexarmy