Buenas traders. Short and to the point this morning- much like US equities over night.
However, before we get onto today’s expectations, yesterday I wrote …”…On the hourly chart, look out for the levels noted to the downside to act a potential upside reversal / inflection points. 1.1550s look good to me for a test upwards to begin with and I would be looking at 1.1470s / 80 to try a long position..” We turned at 1.1480 and went up to 1.1545 before a slight retrace and then went through 1.1550 in the Asia session – I´ll say no more 🙂
For today I´ll be looking for a continuation of this up-move in the pair using the levels noted in the hourly. From the daily chart standpoint I suspect we have an upside target of @ 1.1620. I’ve also included my 15m chart this morning so you can see how the more granulated chart structure helps to give you the most precise guide to entries and targets. My initial take is that we may get a pull back to the levels noted on the 5m and if so I´ll be watching for entry patterns.
As ever (you know I´m going to say this already) if we start to look bearish at these levels I´ll be quick to change direction and trade to the downside.
Have a good one 🙂
EURUSD Daily Chart
EURUSD Hourly Chart
EURUSD 15m 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.