Good Morning traders,
this is my up to date view for the EUR/USD (Euro FX futures) on the 4-hour chart. As usual I am interested to your comments:
http://www.forexfactory.com/attachme...1&d=1360055101
By trading above the 1.3517 level the Fibonacci Stalking technique confirmed support in the 1.3450-60 area. Price traded a low at 1.3462. In the 1.3450-60 there is long interest of professional and program trading.
I can see two scenarios at the moment:
Scenario 1. Price could continue straight higher from here. The target for the swing that could have just started is at 1.3850 (firm price!). However a sideways action on the smaller timeframes is also possible till wednesday afternoon in preparation for the ECB meeting.
Scenario 2. Price comes back to test the entry area at 1.3460 and could even pierce this area bringing price into the 1.3440 level. I see participation on the long side at these levels.
Keep in mind that the ECB meeting will come AFTER a long setup and the news, in this case, are likely to push and help the long setup.
I consider it particularly dangerous holding shorts at this stage but from what I read a lot of people think that yesterday's action is due to the bear resuming. In my honest opinion, that was only profit taking and program trading pushing price into the next long setup.
As usually I am very interested to your comments.
Trade safe and have a great day
this is my up to date view for the EUR/USD (Euro FX futures) on the 4-hour chart. As usual I am interested to your comments:
http://www.forexfactory.com/attachme...1&d=1360055101
By trading above the 1.3517 level the Fibonacci Stalking technique confirmed support in the 1.3450-60 area. Price traded a low at 1.3462. In the 1.3450-60 there is long interest of professional and program trading.
I can see two scenarios at the moment:
Scenario 1. Price could continue straight higher from here. The target for the swing that could have just started is at 1.3850 (firm price!). However a sideways action on the smaller timeframes is also possible till wednesday afternoon in preparation for the ECB meeting.
Scenario 2. Price comes back to test the entry area at 1.3460 and could even pierce this area bringing price into the 1.3440 level. I see participation on the long side at these levels.
Keep in mind that the ECB meeting will come AFTER a long setup and the news, in this case, are likely to push and help the long setup.
I consider it particularly dangerous holding shorts at this stage but from what I read a lot of people think that yesterday's action is due to the bear resuming. In my honest opinion, that was only profit taking and program trading pushing price into the next long setup.
As usually I am very interested to your comments.
Trade safe and have a great day
"markets traded by programs/HFT offer a significant trading edge..."