The big point break below remains 1.0887 and it will break but not yet. The current bottoms are found at 1.0887 and 1.0860. As well we hit extreme buy points at 1.0874 and 1.0829. Upper targets are located at 1.0930 – 1.0976. Why the range is because I’m taking a quick market look and won’t know exactly where price stands until about 11:00. A break of 1.0887 targets next range points at 1.0786, 1.0655 and 1.0612.
Above 1.1018 and 1.1044 are falling lines as well as the 5 day average at 1.0991 and 50 day at 1.0997. The 100 day is found at 1.0903 and stopped the current opening downtrend. Any rebounds must break falling 1.1018 and 1.1044. Strategy remains sell rallies for the break of 1.0887 and lower.
More trades and EUR/USD updates on the way.
Brian Twomey, Inside the Currency Market, btwomey.com