Inside the Currency Market: EUR/USD

RUR/USD is in the same position as this afternoon. Its caught between ranges, 1.1192 above and 1.1140 below. Both must be monitored.

EUR/USD. Bottom. 1.1111. Range break above 1.1192, Below 1.1140. Overbought sell point 1.1223, Failure point 1.1208. Strategy. Longs above 1.1167, Target 1.1223 then reverse short to 1.1195, at 1.1208 Failure point then reverse short to 1.1187. Points on the way up, 1.1177, 1.1192, 1.1208, 1.1215, 1.1223. Target assumes range break at 1.1192, could see failure at 1.1192.

Shorts below 1.1166, Target 1.1138. Watch for reversal here to 1.1166. Points on the way down, 1.1153, 1.1141, 1.1134, 1.1126, 1.1118, 1.1111 Bottom. Point 1.1138 must cross to go higher. Watch 1.1140 Range break.

Brian Twomey, Inside the Currency Market, btwomey.com

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