EUR/USD 2nd Trade Idea, Friday afternoon,
EUR/USD price this morning surpassed the Failure point at 1.1416 and broke the morning range at 1.1438. Price jumped from reported point 1.1397. Price dead stopped at 1.1459, 1 pip shy of reported 1.1460 and well short as expected of reported overall target 1.1472.
Reversal target as mentioned at 1.1430’s hit 1.1436. The nasty price point saw 1.1434 dead stop as mentioned and rest. Some days, price curves are Picasso perfect without mystery while other days, price struggles exist. The point at 1.1434 was that point, its was a trap level.
Some days price points run even, other days uneven. The level at 1.1434 was that level at actual 1.14345. What it means is 1.1435 or 1.1433 served the purpose. Most Exchange rates actual are 6 places on the right side of the decimal not 4 as seen.
What was witnessed this morning in terms of ranges, targets and reversals, bottoms and tops, trade able points, no longer counts. Its old news and no longer valid.
The new setup below. Explanations viewed in last post for new or interested readers.
EUR/USD. Bottom. 1.1382, + 54 pips from this morning 1.1328. New range points above 1.1851, 1.1704,1.1544.
New Ranges below 1.1336, 1.1181, 1.1043. Most important overall 1.1336, its revolving from 1.1331 – 1.1336 all week.
Targets above 1.1523, Failure point 1.1466. Target met at 1.1523, sell reverse to 1.1481. Target met at 1.1466, sell reverse to 1.1453. Trade Able points on the way up, 1.1447, 1.1453, 1.1466, 1.1474, 1.1484, 1.1495, 1.1523.
Shorts below 1.1438, Target 1.1410, 1.1396, 1.1382 Bottom. Trade able points on the way down, 1.1428, 1.1424, 1.1418, 1.1411, 1.1396, 1.1382 Bottom.
Brian Twomey, Inside the Currency Market bwomey.com