EUR/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.3734
Key G7 support levels: 1.3900, 1.3870, 1.3830/00
Counter-trend and scalping opportunities: 1.4000
Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal.
Today’s trade suggestion: Another “flip flop” week, stuck in the range between 1.4100 and 1.3700. The weekly chart is just about bulling, but the doji candle suggests we could go either way this week, just like the past two. Key support levels are listed above. Key resistance levels lie at 1.4000 (the 786 Fib) and 1.4080 (the range top) We will consider trading in either direction this week, as long as we remain below 1.4100. Look for opportunities to buy and sell after a clear G7 reversal signal. Don’t be tempted to pick a direction and commit to it, being especially careful to stick to stops!
Summary: Continue to trade the range: Look to sell into rallies to 1.4000 or 1.4080, or buy into dips to supports between 1.3900 and 1.3830.