In today's EUR/USD Forecast I am going to recommend looking for long trades. After the economic data came out on Wednesday we had a shift in the trend to the upside. With that said I would recommend looking for a fairly substantial pull back and waiting until the 4hr. chart becomes oversold before entering a trade. I will be looking at the 1.2720-30 level for support. Again make sure the technicals and VSA line up before entering a trade. My time based indicators are saying that there isn't going to be a setup until next Monday so I will probably not enter a trade.
If you choose to enter be careful of the fact that it is Friday and that you will either need to close your trade off quickly or hold it over the weekend, which is something that I rarely do.
Trade Review
Last Wednesday I recommended looking for a short on Thursday, but when I saw the trend shift that took place after the US economic data came out I canceled the trade and began looking for buying opportunities.
If you choose to enter be careful of the fact that it is Friday and that you will either need to close your trade off quickly or hold it over the weekend, which is something that I rarely do.
Trade Review
Last Wednesday I recommended looking for a short on Thursday, but when I saw the trend shift that took place after the US economic data came out I canceled the trade and began looking for buying opportunities.