Morning trades are good until about 12:00. After 12, prior targets, ranges, everything no longer counts. Rarely do trades last until 12 since we are in profit and exit long before. I haven’t recorded a tally for last trades so no big deal on that score. 250 + trades are open for inspection anytime for interested. My system should be rolling again this evening so many many more trades posted here.
What drove Euro higher last week and previously mentioned was middle section of the curve opened wider. Also mentioned was the gap was closing quickly. That gap continues to close and should force Euro much lower. Two important points above are 1.1409 and 1.1365 while below a bottom is located at 1.1212. Ranges expanded since Sunday, finally so we should see much better movements. The current daily range is now found at 67 pips. That’s not terrible.
EUR/USD. Bottom. 1.1212. Range break above 1.1294, Below 1.1241. Overbought sell point 1.1339, failure point 1.1309. Strategy. Longs above 1.1268, Target 1.1339. Then reverse short to 1.1303. Target at 1.1309, short to 1.1288. Points on the way up, 1.1277, 1.1293, 1.1309, 1.1324, 1.1339.
Shorts below 1.1267, target 1.1239. Watch here for reversal to 1.1267. Points on the way down, 1.1264, 1.1260, 1.1252, 1.1248, 1.1244, 1.1228, 1.1212 Bottom. Point 1.1239 must break to go higher.
Brian Twomey, Inside the Currency Market, btwomey.com