Hourly Chart
EUR/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.2860
Support levels: 1.2920, 1.2880, 1.2866
Strategy: Whilst above the weekly trend reversal level, buy dips to support after an entry signal.
Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3600, the multi-year high, and possibly higher still, towards 1.4100.
Today: Now entering the 5th week in the same 1.2860 - 1.3060 range. Very good for range traders with a 200 pip corridor, but frustrating for trend traders. Momentum is marginally bullish, and good support lies between 1.2920 and 1.2880, so we expect the euro to attempt to base in this area. As yet, there are no signs of that happening, so we shall have to be patient and watch for a reversal pattern to develop. When that happens, buy at the support zone, targeting 1.3020, and eventually, a break above there towards 1.3100 and 1.3300. A daily close below 1.2800 will postpone all of this and probably lead to a drop to below 1.2700.
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.2860
Support levels: 1.2920, 1.2880, 1.2866
Strategy: Whilst above the weekly trend reversal level, buy dips to support after an entry signal.
Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3600, the multi-year high, and possibly higher still, towards 1.4100.
Today: Now entering the 5th week in the same 1.2860 - 1.3060 range. Very good for range traders with a 200 pip corridor, but frustrating for trend traders. Momentum is marginally bullish, and good support lies between 1.2920 and 1.2880, so we expect the euro to attempt to base in this area. As yet, there are no signs of that happening, so we shall have to be patient and watch for a reversal pattern to develop. When that happens, buy at the support zone, targeting 1.3020, and eventually, a break above there towards 1.3100 and 1.3300. A daily close below 1.2800 will postpone all of this and probably lead to a drop to below 1.2700.
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