[thetradersclub]

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.4575

Key G7 support levels: 1.4820, 1.4780, 1.4670

Counter-trend opportunities: 1.5240

Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal.


Today's trade suggestion:
Still range-bound as we try to make a top around the key 1.4800 level. The jury is still out as to whether the euro
is due to move higher again, in the face of general dollar weakness, but last week was clearly bullish. We’ll look to
go with the long direction, whilst above 1.4575, and will look to buy dips into support levels. Key support is at
1.4710 today, with an attempted “double bottom” forming a few hours ago. This support may be too tempting
for the market, however, and we could see a further drop to 1.4600 before renewed attempts at basing. Watch
and wait for another clear reversal signal at 1.4700, or keep your eye on supports lower down if this fails to hold.
Target for longs is 1.4800 and then higher still. Note that we have a potential “head and shoulders” reversal
pattern on the hour chart, and caution is needed.
Update: No surprise that we rallied up from 1.4700, after forming a perfect double bottom and a clear reversal
pattern. The euro is now at it’s highest level since September 2008, and the next resistance level overhead is at
1.5240, Don’t try to pick a top unless we reach there – then watch and wait for a potential counter-trend sell
signal.

Summary:
Buy dips to supports after a clear reversal has formed. If this fails then wait for supports further down. Target
1.5240. Possibly try small counter-trend trades near 1.5240 after a clear reversal.

[liiop]

what do you see eurusd doing now?