EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.1870

Key G7 support levels: 1.2150*, 1.2250, 1.2150

Counter-trend opportunities: 1.2480

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

Today’s trade suggestion:

Last week’s (almost piercing pattern, and this week’s break above the weekly reversal level, mean that I have turned bullish on the euro. We need to be careful on this one, as the overall trend remains bearish, as does sentiment from the Euro zone. This means that the counter-trend levels above at 1.2280 and 1.2370 are not only potential good exit levels for long trades, but also chances to sell the euro if and when we get there. Support levels below are listed above, with 1.2150 and 1.2080 being the key levels if the upward trend is to continue with good momentum. Watch and wait for a clear G7 entry signal before buying – targets as above. We are into the middle of June – historically a period for good strong trends before the holiday doldrums during July and August.

Update: The euro rallied as expected from support at 1.2250. We’ll have to wait for a significant retracement before re-buying – probably next week. There is a counter trend opportunity to sell at 1.2480 (confluence of fibs and an “80” level. Watch and wait for a decent G7 entry signal before selling for a target at 1.2350. Could be agood one!

Summary:

Buy dips to supports after a clear G7 signal. Try counter-trend shorts at 1.2480 after a decent g7 entry signal.

IMPORTANT: This report is not an express or implied recommendation, guidance or proposal that any particular Forex analysis or trade is appropriate to the particular investment objectives, financial situation or particular needs of any recipient.

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