EUR/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.2520
Key G7 support levels: 1.2820, 1.2760, 1.2700/20
Counter-trend and scalping opportunities:
Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal.

Today’s trade suggestion:
Capped at 1.3000, the euro is pausing a little before the next move higher to 1.3120. Weekly momentum remains bullish and we’ll continue to look to buy dips this week, whilst above the weekly reversal level at 1.2520. Notice that the weekly downward trend line has been conclusively broken, and this should also add fuel to a further move higher. Supports lie at 1.2820, 1.2760 and then around the 1.2700 mark. We must allow for a retest of the weekly trend-line from the top side – now acting as support, and this means we may experience a dip as low as 1.2700-1.2660. Targets for long trades are the big psychological barrier at 1.3000 and then onwards and upwards to 1.3120.

Summary: Buy dips to support levels listed above after a clear G7 entry signal, allowing for a retracement as far as 1.2660-1.2700. First target 1.3000 and then 1.3120.