Short term buy position on EURUSD, 18.April

Hello traders,

This morning I expect opportunity for an elegant move on EURUSD. In Peter's thread I started covering my buy positions on EURUSD from 40s area, but the last move is interesting as an independent trade.

EURUSD may cap its bullish move at 80s area (80-82-85), where several resistance levels meet: 1H moving average and resistance line on 5 minute chart above.

In order to complete these scenario, EURUSD needs to stay above 56-58 levels, as shown on tick chart. Technically this scenario is actual till the price stays above 42, but I'd suggest avoiding such broad stop-loss.

I hope that helps,

have a nice day and profitable trading! :)

Rao.

Views: 397

Comment by Indy on April 18, 2013 at 12:38pm

Hi Jasmine,

Very good question, when does a high actually become a high? not just a bump in the move, when is a rejection a rejection? I mean at what specific point? 

I don't have the time to do an answer to this but you may have just provided a good topic for a future discussion blog

Regards

Indy

Comment by Wajdi on April 18, 2013 at 12:41pm
Good analysis, the pair is still consolidated at a resistance area but a bullish push is likelyl
Comment by Rao Khassan on April 18, 2013 at 2:28pm

Hi guys,

Thanks a lot for your attention and comments... As you can see, initially described view on EURUSD hasn't worked, my SL triggered few hours ago.

Comment by Rao Khassan on April 18, 2013 at 3:17pm

At the moment support line that held the pair during this day was broken and we see it retest to the upper side.

If we stay below 50, then EU may show us fresh lows. In the other case, it's likely that we return into range trading and get back to 80-90s.

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