EUR/USD: Levels, Ranges, Targets
Overnight, EURUSD achieved 1.1362, the interval between last reported targets at 1.1352 to 1.1377 and on the way to the overall target at 1.1403. Overnight EUR/USD structure changed by 5 pips.
Bottoms today 1.1283, 5 pip change from 1.1278. Bottoms targets seen on breaks of 1.1311, 1.1297.
Upper targets, 1.1408, 1.1382, 1.1357. Again 5 pip change from last reported before the overnight session. To achieve 1.1408, breaks higher must be seen at 1.1360 and 1.1391. Watch the confluence area 1.1382 to 1.1391 to act as tough resistance today and reverse sell points.
Further upside points, 1.1581, 1.1567, 1.1487, 1.1414. Also monthly average at 1.1552. EUR/USD 1.1500’s starting from 1.1487 is another rough area.
Bottom side points 1.1256, 1.1230, 1.1216, To understand how vital is this area, next comes 1.1169, 1.134, 1.1117.
The point at 1.1117 is also a range point as next below comes 1.0928 and 1.0911.
Above range points 1.1567 then 1.1766.
Friday’s daily pip range was 49 pips, price achieved on NFP 4.2 times its range. Normal runs about max on one side 6 times. Despite the top heavy range, current price for the day is on the floor.
To describe this model. This model is what central banks trade, its how they view their currencies.
The model captures every changing dynamic from targets, ranges, trade able points, bottoms, tops, highest high ranges, lowest low range. Every last data point is known long and short term and down to the exact traded pip. What’s phenomenal is the model sees every news release from major NFP and Interest rate changes to minor releases.
Brian Twomey, Inside the Currency Market, btwomey.com