#14 – EURUSD (Update)

Screen Shot 2017-07-29 at 10.17.01 am.jpg

Price action of the Monthly Chart, shows that euro is in a bullish rally against the dollar, as you can see price is in a long awaited key level (after 3 years). Additionally, the bearish channel has broken with a strong bullish momentum.

Screen Shot 2017-07-29 at 10.20.44 am.jpg

Weekly chart is aligned to the monthly as the long term bearish channel was broken with two key weekly support & resistance levels broken.

Screen Shot 2017-07-29 at 10.24.03 am.jpg

The retracement on the Daily trend are false breakout to build a stronger buying momentum. As you can see market tend to pull back heavily after each pull back, and as price raise to a higher level, the pull back gets shorter & less steeper.

Screen Shot 2017-07-29 at 10.26.57 am.jpg

A market entry now will put you in a 1:2.3 RR ratio on the 4hour chart, but i wouldn’t want to be entering so fast as there’s a very short leg space before market shows a strong movement.

Hopefully you guys caught some of the rally, I was only in AUDUSD:)

Would love to hear from all of you!

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