Yesterday’s upside target at 1.0729 and 1.0742 dead stopped at 1.0728 and 1.0739. The 7 hour trade dominated and traded to 1.0739 or 3 pips shy of target. Shorts traded to 1.0718 and 20 pips.
Longs began Tuesday at 24 hour lows at 1.0671.
In the 10 am hour, EUR/USD traded to 1.0748. Part of the explanation is ECB but this concept is momentary and leaving overall trade analysis. EUR/USD 1.0748 offered a short for traders or continued shorts.
Lows for the day achieved 1.0711. Yesterday’s price path was uneven and seen early in the discrepancy to targets. The move to 1.0748 was clear proof as well as shorts to 1.0711 and 1.0718 for lack of follow through to complete the price path. Everyday is different for day trades
Today’s price path is clear for longs and shorts as long above 1.0736 to target 1.0763 and 1.0766 Vs 1.0651 and 1.0655. A clear price path today should be able to trade target to target.
EUR/GBP targets 0.8581 and 0.8478. EUR/GBP will always trade less than EUR/USD as EUR/USD is the leader.
EUR/GBP traded 68 pips yesterday Vs 15 Points for Gold.
EUR/AUD we want 1.4956 and 1.4781 and 1.4746.
EUR/CAD 1.3468 and 1.3488 Vs 1.3389 and 1.3367. EUR/AUD is the better trade than EUR/CAD.
EUR/NZD 1.6651 then 1.6697 Vs 1.6473 and 1.8429.
The weekly trade posted Sunday: long from 1.0667 and 1.0657 to target 1.0801 then short to target 1.0725. Highs achieved 1.0748 or +91 pips so far.
Inside EUR/USD price is wide variation which means EUR/USD prices are sloshing around doing nothing. Any downside means the variation becomes worse and EUR/USD becomes prone to a large upward spike in a big blue candle. Wide variation means shorts will struggle to trade downside prices.
Brian Twomey
BRIAN TWOMEY ON TRADING 