1. EUR/USD
EUR/USD rebuffed the ~1.1430 resistance area, the fourth time this year, and the 200 ema closing on Friday as a bearish engulfing bar. A ranging pattern between 1.1430 and 1.0820 is quite apparent. Although it can be argued that signs of an up trend are noticeable since July 2015, a retest of price at the previous low at 1.1080 or trend line in the nearby area showing bullish signs for upward continuation should confirm bullish momentum over the nearer term. For now, I'm taking my cue from the rejection behaviour around 1.1430 and look to sell EUR/USD.
entry - below low of bearish engulfing bar
stop loss - above high of bearish engulfing bar
target - around 1.1080
EUR/USD rebuffed the ~1.1430 resistance area, the fourth time this year, and the 200 ema closing on Friday as a bearish engulfing bar. A ranging pattern between 1.1430 and 1.0820 is quite apparent. Although it can be argued that signs of an up trend are noticeable since July 2015, a retest of price at the previous low at 1.1080 or trend line in the nearby area showing bullish signs for upward continuation should confirm bullish momentum over the nearer term. For now, I'm taking my cue from the rejection behaviour around 1.1430 and look to sell EUR/USD.
entry - below low of bearish engulfing bar
stop loss - above high of bearish engulfing bar
target - around 1.1080