Just yesterday, I wrote how 1.0760 would decide the future direction for the EURUSD. Thursday’s session closed well above the level and is holding as new support on the 4-hour time frame and higher. However, given the slow summer conditions and next week’s event lineup, I’m more interested in trading fakeouts (sometimes called deviations) than breakouts. That’s because follow-through is hard to come by in the summer months, especially when you have events like FOMC and US CPI next week. So what is a fakeout? It’s a higher time frame close above or below a level, followed by the same time frame closing in the opposite ... (full story)