Mark Wogan: EURUSD on Friday 21st September

Good morning traders. We finally got the break we have been looking for all week with the single currency pushing up to 1.1780 breaching the 1.1750 level at the top of the range.

As mentioned all week the rising trendline best seen on the H1 chart has been the canary in the coalmine as it has effectively held the downside and acted as the launchpad for the move up.

The key now is whether price can stay at or above the 1.1720 to 1.1750 range.

The higher price level was tested yesterday and held so any test today will be important as we move into next week.

Should the bulls remain in charge we have some likely targets to the upside at the 1.1850s and the 1.1950s levels which also roughly correspond to the Fibs as noted on the chart.

Watch also for the big figure levels 1.18 and 1.19 as these may also provide some way points and act as possible reversal points for some shorter tern intraday trading on the move upwards.

EURUSD Daily Chart

For today – I will most likely be on the sidelines (I have a wedding to go to later this afternoon :)).

My working premise is that this break will hold although, as ever, I will be open to a change and should we get any signal that the downside has more attraction I´ll be quick to change my mind!

For any newer traders this is a crucial attribute – never get so wedded to an idea that your being right overwhelms your need to be profitable – it is critical to stay flexible at all times.

I´ll talk more on this next week. Good luck for today and have a great weekend. See you on Monday!

EURUSD Hourly Chart

Please note: All opinions expressed above are from the author and not necessarily shared by The Armchair Trader. All financial investments involve an element of risk. The value of your investment may fall as well as rise and you may get back less than your initial investment. With Spread bets and CFDs your losses may exceed your deposits.