Inside the Currency Market: EUR/USD

AUD/USD Opened 0.7019, Dead stopped and bounced at reported range point 0.7007 and jumped to 0.7029, 22 pip range. Nothing special. EUR/USD from 1.1194 saw low 1.1183, crossed 1.1194 and bounced to 1.1213, 30 pip range, + 19 pips. GBP/USD 1.5174 to 1.5208, +34, range 1.5179 – 1.5208, 29 pip range.

EUR/USD. Bottom. 1.1138. Range break above 1.1206, 1.1219, Below 1.1180 and 1.1167. Overbought sell point 1.1247, failure point 1.1230. Strategy. Longs above 1.1193, Target 1.1247 then reverse short to 1.1220. Points on the way up, 1.1201, 1.1215, 1.1230, 1.1247.

Shorts below 1.1193, Target 1.1165. Watch here for reversal to 1.1193. Points on the way down, 1.1192, 1.1184, 1.1180, 1.1176, 1.1157, 1.1138 Bottom. Point 1.1165 must cross to go higher.

Brian Twomey Inside the Currency Market, btwomey.com

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