Inside the Currency Market: EUR/USD

Afternoon trades. EUR/GBP 0.7404 – 0.7394, 10 pip range, not much here. EUR/NZD short 1.7230 –1.7192, +47 pips, EUR/USD from 1.1269 saw 1.1279 and 1.1261, 19 pip total range. Not much here either. We’ll add EUR/NZD along with EUR/USD as part of the EUR routine.

EUR/USD. Bottom. 1.1210. Range break above 1.1333, Below 1.1201. Overbought sell point 1.1333, Failure point 1.1303. Careful, sell point equals range break. Strategy, longs above 1.1268, target 1.1333 then reverse short to 1.1300, at 1.1303 then reverse 1.1288. Points on the way up,1.1274, 1.1279, 1.1288, 1.1303, 1.1318, 1.1333.

Shorts below 1.1267, Target 1.1238. Watch here for reversal to 1.1267 and higher. Points on the way down, 1.1264, 1.1257, 1.1249, 1.1242, 1.1238, 1.1224, 1.1210 Bottom. Point 1.1238 must cross to go higher.

EUR/NZD next

Brian Twomey, Inside the Currency Market, btwomey.com

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