Inside the Currency Market: EUR/USD

Afternoon trades, EUR/NZD short 1.7208 to 1.7152, +56, EUR/USD +10 pips, Total 66 pips. If EUR/USD ever ranges then we must trade cross pairs.

EUR/USD. Bottom. 1.1126. Range break above 1.1234, 1.1286, Below 1.1130, 1.1078. Overbought sell point 1.1243, Failure point 1.1214. Strategy. Longs above 1.1183, target 1.1243 then reverse short to 1.1213. Points on the way up, 1.1186, 1.1200, 1.1214, 1.1228, 1.1243. Watch 1.1234, its range break, could see price failure here.

Shorts below 1.1182, Target 1.1154. Watch for reversal here to 1.1182 and higher. Points on the way down, 1.1177, 1.1163, 1.1159, 1.1147, 1.1140, 1.1133, 1.1126 Bottom.

Watch big breaks 1.1135 and 1.1154. Break 1.1135 gains downside speed and price heads much lower.

Brian Twomey, Inside the Currency Market, btwomey.com

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