EURUSD - LONGHello traders.
Here i am looking at the EURUSD and we have been down trending for sometime now. We have rejected the 1.15500 and created a W formation at that price level. We have now broken above the 200 MA and we are sitting at the 1.16 price where we are creating a pattern to go long. The 1.16 price Is a High Volume area where we could see a big push away from this area. If we break long there is plenty of thin volume for us to quickly move through to the next order area. This could just be a correction up to the 1.17500 price where we can see a High Volume area also happens to be the 50%/61.8% Fib area.
If we do not break long straight away I am looking for a fake move low back to the 1.15500 price and if the price holds then we have failed to make a lower low, and that will give me a good entry to go long.
We also have the DXY which is negatively correlated with the EURUSD and we are seeing that the dollar is matching up with my analysis on the EURUSD.
This is a swing trade, and ill be looking to take this long until i see a solid reversal back short, But my next target price is the 1.17500.
Safe trading!
