USDEUR Resistance Becomes Support current 0.8461 29Sept17NOTE this is a Monthly Chart
Daily USD rally temporary. USD set to return to old tops before finding Support
Sean Vengan
Professional Trader and Trading Educator
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USDEUR
Grab the longUSD/EUR about to get some support at 0.895 level as seen with Gann Line and support line. I would take the long at this price and set the stop loss at the levels indicated with green and red box. Our stochastic is at bottom of threshold and price is in oversold position so the conditions are ideal for a rise in price, especially if we see some bullish confirmation on this support line. Set the stop a little below resistance.
USDEUR: USD holding up well so farUSDEUR: USD is holding up really well today - despite finishing last week on lows it's managed to hold on valiantly all day - so have to accept that his could be a failed break-down developing, often very profitable if on the right side of it. Need a plan B. IF it breaks above downtrend on chart it's time to accept defeat and reverse.
USDEUR: Key day turnaround: Sell USD back to 0.8874USDEUR: Today has seen a key day turnaround with massive dollar failure at highs marked by mass of heavy bear engulfing red candles: this is heavy rejection, no messing. This price action heralds the beginning of the next dollar down-wave. Catch it fast. Two shorts, from here to 0.8874 and from 0.8863 to 0.8807.
USDEUR: Get ready close out first long soonUSDEUR: USD now approaching first upside taget. Am taking profits at that point, wishing to lock them in as we could be approaching limits of USD rally, as per comment. We'll then need to break above this approaching resistance to trigger the next USD long.
USDEUR: Back in neutral awaiting next signalUSDEUR: Dollar is holding up off the lows but still vulnerable whilst trapped within the down-wave. Either it breaks out and should be followed or it breaks down and should be followed. No decision to make. Not overbought now or oversold...so follow the move when it comes...