Weekly Trend direction: Bullish
Weekly trend reversal level: 1.2732
Key G7 support levels: 1.2900, 1.2850, 1.2780/2800, 1.2720
Counter-trend and scalping opportunities: 1.2980 – 1.3050
Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal.

Today’s trade suggestion:
Little has changed since last week, as the Euro has been in a broad sideways range for much of the last week. Support levels are listed above and we’ll continue to look to buy the Euro into dips, with an unchanged strategy.
There is a word of caution: It is very possible that we’ll retrace and correct back to the weekly downward trend line, which now acts as a support. Today, this lies at roughly 1.2520, which is below the weekly reversal level. As bullish momentum has slowed somewhat and the danger of a consolidation/correction is increasing, we’ll allow for some careful trend and counter-trend trading if the opportunity arises. Watch for potential topping at 1.2980/1.3000

Update: Very little change, as the euro popped its head up briefly above 1.3000, and then back to the range. We’ll have to wait and see if we get another rally from here. The strategy remains unchanged, apart from small adjustments to the support levels above. Probably best to focus on trading in the direction of the bullish trend today.

Summary: Buy dips to support levels listed above after a clear G7 entry signal, allowing for a retracement as far
as 1.2630. First target 1.3000 and then 1.3120.