Inside the Currency Market: EUR/USD

Morning trades.EUR/USD failed at 1.1343, short reported range point 1.1359 then then dived to bottom target 1.1304, dead stopped 1.1305. + 10 above, + 27 below, total +37.
EUR/NZD, 1.6670 – 1.6615, + 55, total + 92.

EUR/USD. Bottom. 1.1265. Range break above 1.1348, down 11 pips from this morning. Below 1.1295, 1.1229. Overbought sell point 1.1379, Failure point 1.1353. Strategy. Longs above 1.1323, target 1.1379 then reverse to 1.1349. Watch 1.1348 range fail. Points on the way up, 1.1327, 1.1340, 1.1353, 1.1366, 1.1379.

Shorts below 1.1321, target 1.1293. Watch here for reversal to 1.1321 and higher. Points on the way down, 1.1315, 1.1309, 1.1296, 1.1279, 1.1265 Bottom. Point 1.1293 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/NZD

EUR/NZD. Bottom. 1.6584. Range break above 1.6706, 1.6805, Below 1.6629. Overbought sell point 1.6752, Failure point 1.6713, Watch 1.6706, may fail. Strategy. Long above 1.6670, Target 1.6752 then reverse to 1.6711 and 1.6691. Points on the way up, 1.6675, 1.6694, 1.6713, 1.6733, 1.6752.

Shorts below 1.6667, Target 1.6626. Watch here for reversal to 1.6667 and higher. Points on the way down,1.6658, 1.6649, 1.6639, 1.6630, 1.6605, 1.6584 Bottom. Point 1.626 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/USD

EUR/USD. Bottom. 1.1276. Range break above 1.1359, Below 1.1306, 1.1240. Overbought sell point 1.1390, Failure point 1.1364. Strategy. Long above 1.1334, target 1.1390 then reverse to 1.1361, 1.1348. Watch 1.1359 Range point, may fail. Points on the way up,1.1338, 1.1351,1.1364, 1.1377, 1.1390.

Shorts below 1.1332, target 1.1304. Watch here for reversal to 1.1332 and higher. Points on the way down, 1.1326, 1.1320, 1.1313, 1.1307, 1.1290, 1.1276 Bottom. Point 1.1304 must cross to go higher.

Bigger picture 1.1147 and 1.1237 are rising and must break to take EU down further. 1.1595 above, a drop of 1 point since what 2 weeks. Showdown is coming.

Brian Twomey, Inside the Currency Market, btwomey.com

OIL Correlations V USD/CAD and EUR/USD

Viewed from the 5 and 10 day averages, WTI Crude Oil Correlates to USD/CAD 0.25 or 25% and 0.08 for the 10 day average. The 15 day average is the cutoff as the Correlation turns negative -0.69 and -0.72 for the 20 day. The bottom of the 15 and 20 day Correlation is located with help from Fisher at -0.848 and -0.908.

EUR/USD Correlates to WTI Crude on 5 and 10 day averages at negative -0.55 and -0.20 or -55% and -20%. The correlation turns positive at the 15 day average at 0.378 and 20 day at 0.43, better viewed as 37.8% and 43%. The bottom of the 5 day Correlation is -0.618 while the top of the 15 and 20 day are found at 0.398 and 0.460 or better viewed as 39.8% and 46.0%. The 21 day average helps to view the wide distance between the 15 and 20 day average as the Correlation is 0.39 or 39% and a top at 0.412 or 41.2%.

Brent, European Oil, Correlates to EUR/USD on 5 and 10 day averages at -0.54 and -0.34 or -54% and -34%. The 15, 20 and 21 day averages Correlates at 0.239, 0.333, 0.295.

USD/CAD Correlates to Brent on 5 and 10 day averages at 0.149 and 0.198 or 14.9% and 19.8%. The 10, 20 and 21 day Correlations are found at -0.588, -0.642 and -0.643 or -58.8%, -64.3% and -64.3%.

EURO nor USD Correlates to its own respective Oil. The EUR/USD and USD/CAD trade Vs Oil is Non existent.

WTI targets are found at 46.33, 48.34, 47.97. Extreme buy/ sell points are found at 51.05 and 47.88 Vs long points at 43.83 and 41.83.

Brian Twomey, Inside the Currency Market, btwomey.com

US WAGES; HOURLY, WEEKLY, MANUFACTURING

Average Hourly earnings reported by the Bureau of Labor Statistics was negative 0.1 in September which represented the 8th time in the last 10 years and 6 times in the last 5 years when minus hourly earnings recorded a deficit. The worst reading in the last 10 years was minus 0.06 last January, 10 months ago. Exclude minus 0.06 as a possible outlier then the next worst report was negative 0.03 and 0.04 and printed 3 and 4 years ago or exactly 38 and 50 months. Negative was recorded twice in the past year. Prior to the past year, the next negative report was 3 years ago or exactly 36 months when minus 0.01 was seen to match last month’s minus 0.01 reading.

Exactly 6 times in the past 10 years 0.00 was printed, seen 5 times in the last 5 years and 3 times in the past 2. Exclude 14 months of negative and zero earnings, 100 months was positive in the past 114 or 9.5 years. Further positive readings recorded 9 in the past 12 months, 19 in the past 24 and 48 in 60 months. The BLS reports Average Hourly Earnings at $25.09, off 1 Cent in September after a 9 Cent rise in August.

From minus 0.01, the 7 year average is the next number to beat at 0.039 then the 5 year at 0.040. Tough resistance occurs at the 1 and 10 year averages at 0.045 and 0.044. The strongest resistance is seen at 0.04 Medians and a commonality across all averages. Point 0.04 is a long way from minus 0.01 and its why all averages are way oversold.

The targets on all averages from 1 to 9.5 years are found at minus 0.005, 0.001, 0.004, 0.003, 0.002, 0.005 and 0.008. The range in all averages are found at 0.2. Why the low targets into barely positive territory is because Average Hourly Earnings are fighting oversold on one side Vs severe and significant Peaks on the other side. And its found in all averages from 1- 9.5 year. The drivers for Hourly Earnings are the 3 and 7 year averages where most significant Peaks are seen. Part of the explanation is found in Average Weekly Hours.

Since April 2006, 9.5 years or 114 months, Average Weekly Hours reported 0.00 in 54 months or just under 1/2. In 26 months, minus 0.1 was printed, 2 times in the last 12 months, 13 times in the last 5 years and 14 times between the 5 and 10 year averages. Positive months were printed twice in the past year at 0.1, 5 times in the past 2 years and 17 times in the past 60 months, 5 years. Exactly 31 positive months were reported at 0.1 in the last 114 months or 9.5 years. Unemployed persons remains at 7.9 million.

The BLS reports the average weekly hours at 34.5 and matches September 2014 but below 34.6 for July and August 2015. The worst category is Leisure and Hospitality at 26.3 hours followed by Retail at 31.6. The best is Mining and Logging at 44.0 followed by Utilities at 42.3.

From Minus 0.1 in September, the current reading is below every average from 1 – 9.5 years. Oversold is seen in all averages particularly between the 1 – 5 year points. Peaks are seen in all averages but highly significant at the 2, 4, 7 and 10 year. Targets to align the distribution all remain negative except the 1 year at 0.0026 but an explanation is its near bottom of oversold. Further targets include -0.0634, -0.0699, -0.0671, -0.0681, -0.1322 and -0.1234. The numbers to beat above are found at the 2, 3, 4 and 5 year averages at 0.0020, 0.0027, 0.004 and 0.005. To see a sustainable upward trajectory, weekly hours must pass above the 1 and 7 year averages at 0.0131 and 0.0603.

Average Weekly Manufacturing hours was negative 40 of 114 months and positive 74. Zero was recorded in 27 months and 5 times in 12 months, 10 times in the past 26 months, 17 times in 60 months. The 1 year range is -0.2 to + 0.2 and 2 year between -0.3 to + 0.3 yet only 8 times in 5 years has + and Minus 3 revealed. The BLS reported in September the Manufacturing workweek declined 0.2 hours to 40.6.

From September -0.2 and bottom of the range, current point is below every average from 1 – 9.5 ears and oversold but most oversold between the 1 – 5 year. Peaks are seen from averages between 2- 9.5 but most specifically at the 10, 7, 3, 2 and 5. Targets remain negative throughout all averages beginning at -0.1483, -0.1548, -0.1411, -0.1616, -0.1526, -0.1741 and -0.1670. To see any sustainable upward trajectory, averages must break above the 7 and 10 year at 0.0119 and 0.0070. Short term points must first break from the 1- 3 year averages at -0.025, -0.0125 and -0.0027.

Downward pressure seen in Hourly Earnings is the result of both Averages in Total average workweeks and Manufacturing. All averages in all categories are fighting severe oversold Vs highly significant Peaks. Its obvious all categories must rise but how far is questionable due to significant Peaks. An explanation is job gains or subtractions month to month are contained within a range of about 50,000 from the forecast. Recovery was seen since crisis lows but job recoveries haven’t been seen in all job categories across the board. Without further inspection of the data, what can be stated as fact is more of the same is expected as we rise and fall on a slow slow trend.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/USD

I’m happy to hear the many who take trades here and profit. EUR/USD morning trade, dead stopped at reported 1.1388 and bottomed at 1.1348. I think pip total was something like + 20 above, + 40 below. Total + 60. Its close. Overnight trade was also something like + 23 above and 24 below.

EUR/USD Bottom. 1.1310. Range break above 1.1380, 1.1447, Below 1.1353, 1.1287. Overbought sell point 1.1424, Failure point 1.1401. Strategy. Long above 1.1368, target 1.1424 then reverse to 1.1396, 1.1379. Points on the way up, 1.1373, 1.1387, 1.1401, 1.1413, 1.1424.

Shorts below 1.1366, Target 1.1338. Watch here for reversal to 1.1366 and higher. Points on the way down, 1.1361, 1.1355, 1.1348, 1.1341, 1.1331, 1.1310 Bottom. Point 1.1338 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/USD

EUR/USD. Bottom. 1.1302. Range break above 1.1452, Below 1.1268, 1.1176. Overbought sell point 1.1407, Failure point 1.1388. Strategy. Long 1.1361, target 1.1407 then reverse to 1.1384. Points on the way up, 1.1368, 1.1374, 1.1386, 1.1397, 1.1407.

Shorts 1.1359, target 1.1331. Watch here for reversal to 1.1359 and above. Points on the way down, 1.1355, 1.1349, 1.1344, 1.1338, 1.1329, 1.1317, 1.1302 Bottom. Point 1.1331 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/USD

Afternoon Trade, short EUR/USD 1.1413 dead stopped 1.1359, 3 pips from 1.1359 bottom, + 54 pips.

Big points remain 1.1142, 1.1220 and 1.1596 above. EUR/USD and EUR pairs remain as mentioned many times the pairs to trade because movements are and will be terrific. GBP/USD and GBP pairs remain stasis. I’m working on automation of GBP pairs, NZD, AUD and USD. AUD and NZD are quite simple, GBP moderate and USD a nightmare. USD is the least known, least understood currency pair on the planet. Much effort must be put into a USD pair calculation. That’s why nobody knows it due to the difficulty and knowledge needed to get it right. Unfortunately, we live in the days of laziness where most don’t do nor care about doing their homework and honing their skills. I read a guy rah rah about making 6,000 pips in 6 months. Here we easily triple 6,000 pips in 6 months. And we don’t lose 1 pip, no failed trades, no better luck next time.

EUR/USD. Bottom. 1.1310. Range break above 1.1487, Below 1.1249, 1.1197. Overbought sell point 1.1419, Failure point 1.1395. Strategy. Longs above 1.1369, Target 1.1419 then reverse to 1.1394 and 1.1373. Points on the way up, 1.1370, 1.1383, 1.1395, 1.1407,1.1419.

Shorts below 1.1367, Target 1.1339. Watch here for reversal to 1.1367 and higher. Points on the way down, 1.1358, 1.1352, 1.1347, 1.1341, 1.1340, 1.1325, 1.1310 Bottom. Point 1.1339 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/USD

Prices moved faster than I could post this morning. But all knew as I said yesterday afternoon, EUR/USD was overbought and heading lower, it did as well as EUR/JPY and all other pairs I posted. All are on site, reported with vital levels to take action on breaks higher or lower. Points and levels I post are perfectly accurate and are actionable trade signals to profit. EUR/JPY for example broke 135.93 then headed to next reported point 135.35, it did and broke through 135.35. GBP/USD 1.5480 went to 1.5416 lows. The list goes on. Allow the market to come to the price then take action. My arsenal is 450 + pairs, all perfectly calculated to the exact point and levels. The result is profit and never losses.

EUR/USD Longs must see a break at 1.1596 and below 1.1223 and 1.1143.

EUR/USD. Bottom. 1.1356. Range break above 1.1534, Below 1.1295, 1.1242. Overbought sell point 1.1465, Failure point 1.1441. Strategy. Longs above 1.1415, target 1.1465 then reverse to 1.1440 and 1.1428. Points on the way up, 1.1417, 1.1429, 1.1441, 1.1453, 1.1465.

Shorts below 1.1413, target 1.1385. Watch here for reversal to 1.1413 and higher. Points on the way down, 1.1404, 1.1398, 1.1393, 1.1387, 1.1371, 1.1356 Bottom. Point 1.1385 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/USD

Afternoon trade. Long 1.1442, Dead stopped 1.1488, between target 1.1493 and Fail point 1.1461. + 46 pips. Then reverse to 1.1466 was perfect, + 22, Total pips + 68 pips.

Price this morning was set for a reversal, a top was here and price was heading lower. Then Retail sales was dismal. Price is now sufficiently overbought all around, from averages 5 – 200, from 1.1141 and 1.1121. The big point break above remains 1.1596. A break higher would see a deeper correction, a failure then we head again down and in the direction of the overall trend. The point 1.1596 is immovable since last Thursday. Once the downtrend begins again, the slide will come as fast as it took to get to current levels.

EUR/USD. Bottom. 1.1408. Range break above 1.1573, Below 1.1359, 1.1293. Overbought sell point 1.1518, Failure point 1.1494. Strategy. Long above 1.1467, target 1.1518 then reverse to 1.1492, 1.1480. Points on the way up, 1.1470, 1.1482, 1.1494, 1.1506, 1.1518.

Shorts below 1.1465, Target 1.1437. Watch here for reversal to 1.1465 and higher. Points on the way down, 1.1463, 1.1457, 1.1451, 1.1445, 1.1439, 1.1430, 1.1422, 1.1408 Bottom. Point 1.1437 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/USD

Morning trade, EUR/USD Long 1.1411 – 1.1447, between Failure and target, + 36, reverse to 1.1409, below target 24 and 36, + 38, Total pips + 74.

EUR/USD Big points 1.1596 above, 1.1219 and 1.1141. Big Breaks. EUR/JPY 136.93, 135.40, no change over many days. EUR/CAD 1.4640, EUR/NZD 1.7036, EUR/GBP 0.7314, EUR/AUD 1.5727

EUR/USD. Bottom. 1.1383. Range break above 1.1547, 1.1335, 1.1268. Overbought sell point 1.1493, Failure point 1.1461. Strategy. Long above 1.1442, Target 1.1493 then reverse to 1.1466 and 1.1453. Points on the way up, 1.1457, 1.1469, 1.1481, 1.1493.

Shorts below 1.1440, Target 1.1412. Watch here for reversal to 1.1440 and higher. Points on the way down, 1.1432, 1.1426, 1.1414, 1.1398, 1.1383 Bottom. Point 1.1412 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/USD

Overnight trade, long 1.1396 violated Failure point 1.1421 by 6 pips to 1.1427, + 31 ten reversed to 1.1400, my point 1.1408, + 27. Total pips + 58.

EUR/USD. Bottom. 1.1352. Range break above 1.1543, Below 1.1278, 1.1212. Overbought sell point 1.1460, Failure point 1.1436. Strategy. Long above 1.1411, Target 1.1460 then reverse to 1.1436 and 1.1423. Points on the way up, 1.1424, 1.1436, 1.1448, 1.1460.

Shorts below 1.1409, target 1.1381. Watch here for reversal to 1.1409 and higher. Points on the way down, 1.1400, 1.1394, 1.1388, 1.1382, 1.1367, 1.1352 Bottom. Point 1.1381 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: Gold

From the 1168 close, Gold trades in a 1056.34 – 1371.38 range. The wide variation derives from Gold’s location as current prices trade between the 10 and 15 year averages. Neither average is overbought nor oversold. The dichotomy reveals 1056 is an uptrend in progress while the downtrend from 1.1371 is underway. Gold’s larger range is found between the 5 and 10 year averages between 1056.34 – 1721.34.
Gold’s current price is below every average from 1- 10 years. The 2, 5 and 6 year averages drive Gold’s price particularly the 5 year due to its distance from current price. On price drops, the 5 year average becomes more oversold.
The 3 year average at 1587.42 is severely misaligned among all averages. It aligns more closely with the 7 year average at 1592.51 rather than the 5 year at 1721.34. More importantly, the 3 year average reveals a significant peak is here and a peak at richter scale levels.
The 5 year average is most oversold vs its counterparts but its price at 1721 is located between the 3 year at 1587 and 6 year at 1673.26, arguably misaligned as well but its responsible as the short term trade signal until resolution occurs between the 1056 and 1371 range. A price break of 1371 encounters stiff resistance from 1 and 2 year averages at 1422.89, 1482.83 then 1587.42, 1592.51, 1673.26 and the 5 year at 1721.
To align the distribution from 1 – 15 years, current targets must be seen at 1373.86, 1393.43, 1407.62, 1422.40, 1476.78, 1592.51, 1626.91, 1673.26 and 938.16. Targets will adjust slightly as a more orderly distribution aligns itself. Targets reveal at this juncture, Gold is heading higher over time.
What is expected is continued ranges between 1056.34 – 1371.38. A break of 1056 only sees next 1005.10 and severely oversold vs the 5 year average. Extreme sell points above are found at 1275.37 and 1256.77 and buy points at 1005.10 and 1005.80. If 1005.10 breaks later then 987.64 is next target.
Neither average from 1 -15 years however are sufficiently overbought or oversold although oversold is approaching on further price drops. Overbought begins from 1236 and extremes at 1275 and reveal ranges won’t nor are yet ready to break.

Brian Twomey, Inside the Currency Market, btwomey.com

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/USD

Afternoon trades. AUD/USD short 0.7284 – 0.7198, + 86 Pips, EUR/NZD long 1.7016 – 1.7197 + 181, EUR/USD 10 pip range 1.1387 – 1.1377. Total pips + 267.

EUR/USD. Bottom. 1.1337. Range break above 1.1528, Below 1.1263, 1.1197. Overbought sell point 1.1445, Failure point 1.1421. Strategy. Longs above 1.1396, target 1.1445 then reverse to 1.1420 and 1.1408. Points on the way up, 1.1409, 1.1421, 1.1433, 1.1445.

Shorts below 1.1394, Target 1.1366. Watch here for reversal to 1.1394 and higher. Points on the way down, 1.1391, 1.1385, 1.1379, 1.1367, 1.1352, 1.1337 Bottom. Point 1.1366 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: AUD/USD

Since we last visited AUD, the story was range trades. The story remains the same. To move higher, AUD must break 0.7309 and 0.7381, 0.7408. Below 0.7260, 0.7188, 0.7163. Then comes 0.7040, 0.7008. What will change in the days ahead, range points will move slightly higher and slightly lower. AUD is now approaching 0.7260 and a must break to head lower.

AUD/USD. Bottom. 0.7248. Range break above 0.7309, 0.7381, 0.7408, Below 0.7260, 0.7188, 0.7163, 0.7040. Overbought sell point 0.7309, Failure point 0.7296. Strategy. Longs above 0.7286, target 0.7309 then reverse to 0.7296. Points on the way up, 0.7287, 0.7290, 0.7309.

Shorts below 0.7284, 0.7266. Watch here for reversal to 0.7284 and higher. Points on the way down, 0.7278, 0.7269, 0.7248 Bottom. Point 0.7266 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/NZD

EUR/NZD. Bottom. 1.1629. Range break above 1.7213, Below 1.6818, 1.6720. Overbought sell point 1.7089, Failure point 1.7054. Strategy. Long above 1.7016, Target 1.7089 then reverse to 1.7051, 1.7035. Points on the way up, 1.7019, 1.7027, 1.7032, 1.7054, 1.7072, 1.7089.

Shorts 1.7014, Target 1.6972. Watch here for reversal to 1.7014 and higher. Points on the way down, 1.7009, 1.7000, 1.6992, 1.6983, 1.6974, 1.6951, 1.6929 Bottom. Point 1.6972 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/USD

Morning Trade, long 1.1375, target failed at range point 1.1400, + 25 then reverse to 1.1355, +45, total + 70. In my rush to post, I failed to mention vital range point and possible failure although many many readers now understand well the import of range points. Yet it must be written at times for the many new readers.

EUR/USD. Bottom. 1.1329. Range break above 1.1520, Below 1.1255, 1.1189. Overbought sell point 1.1436, Failure point 1.1413. Strategy. Longs above 1.1388, target 1.1436 then reverse short to 1.1412, 1.1400. Points on the way up, 1.1390, 1.1401, 1.1413, 1.1425, 1.1436.

Shorts below 1.1386, Target 1.1358. Watch here for reversal to 1.1386 and higher. Points on the way down, 1.1383, 1.1377, 1.1371, 1.1365, 1.1359, 1.1344, 1.1329 Bottom. Point 1.1358 must cross to go higher.

I’ll post a few more EUR pairs in seconds.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/USD

Overnight trade, Long 1.1351 perfect dead stop at target 1.1410 + 59, then reversed to 1.1364, me 1.1367, + 46, total pips + 105.

EUR/USD. Bottom.1.1317. range break above 1.1400, 1.1467, Below 1.1347, 1.1281. Overbought sell point 1.1434, Failure point 1.1408. Strategy. Long above 1.1375, target 1.1434 then reverse to 1.1404, 1.1391. Points on the way up, 1.1377, 1.1380, 1.1394, 1.1408, 1.1421, 1.1434.

Shorts below 1.1373, Target 1.1345. Watch here for reversal to 1.1373 and higher. Points on the way down, 1.1369, 1.1362, 1.1355, 1.1351, 1.1347, 1.1338, 1.1317 Bottom. Point 1.1345 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/USD

Afternoon trade, short 1.1370, target 1.1341 dead stopped 1.1344, +26 pips.

Range overnight trades, 57 total pips. 1.1135 and 1.1193 remain vital and persistent points below. For example, at 1.1250, points become 1.1186 and 1.1134. The point 1.1193 is movable, 1.1135 is not. That will take a solid break later. 1.1596 remains the break point above.

EUR/USD. Bottom. 1.1293. Range break above 1.1376, 1.1443, below 1.1323, 1.1257. Overbought sell point 1.1410, failure point 1.1384. Strategy. Longs above 1.1351, target 1.1410 then reverse to 1.1380 and 1.1367. Points on the way up, 1.1356, 1.1370, 1.1384, 1.1397, 1.1410.

Shorts below 1.1350, Target 1.1321. Watch here for reversal to 1.1350 and higher. Points on the way down, 1.1345, 1.1338, 1.1331, 1.1324, 1.1307, 1.1293 Bottom. Point 1.1321 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com

Inside the Currency Market: EUR/USD

Morning trade saw 1.1356 lows from 1.1372, above saw 1.1376, 20 pip range. Big points below 1.1138, 1.1195, 20 day average driving EUR/USD. Big break above 1.1596, same as Friday, no change but its falling since last Wednesday.

EUR/USD. Bottom. 1.1313. Range break above 1.1396, 1.1463, Below 1.1343, 1.1277. Overbought sell point 1.1430, Failure point 1.1404. Strategy. Long above 1.1371, target 1.1430 then reverse to 1.1400 and 1.1387. Points on the way up, 1.1376, 1.1381, 1.1390, 1.1404, 1.1417, 1.1430.

Shorts below 1.1370, target 1.1341. Watch here for reversal to 1.1370 and higher. Points on the way down, 1.1365, 1.1358, 1.1351, 1.1344, 1.1327, 1.1313 Bottom. Point 1.1341 must cross to go higher.

Brian Twomey, Inside the Currency Market, btwomey.com