Inside the Currency Market: EUR/USD

This afternoon saw 1.1163 – 1.1174 range. Points 1.1158 and 1.1139 are no longer valid. New points are 1.1137 and 1.1157. Downside gains 2 pips. Modern day currency trading certainly adds new dimensions to time series. Longer term, break of 1.1137 will gain downside speed.

EUR/USD. Bottom. 1.1109. Range break above 1.1243, 1.1256, Below 1.1087, 1.1074. Overbought sell point 1.1224, Failure point 1.1193. Strategy. Longs above 1.1166, Target 1.1224 then reverse short to 1.1195. Points on the way up, 1.1169, 1.1181, 1.1194, 1.1209, 1.1224.

Shorts below 1.1165, Target 1.1137. Watch here for reversal to 1.1165 and higher. Points on the way down, 1.1159, 1.1152, 1.1145, 1.1148, 1.1138, 1.1130, 1.1123, 1.1109 Bottom. Point 1.1137 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

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