DislikedThe EU is approaching the 1.5285 level, which I reckon is a fairly strong S/R level and has been touched 2 times ever since it broke above it 3 months ago.
I'd expect a decent bounce once this level should be reached,
though there is the danger of a break below as Iron-man pointed out.
I set up a couple of orders with my T/Ps scaling out between 30 and 70 pip and a 28 pip S/L.
Now let's see how this goes.
Btw this is a demo account I am trying this on.Ignored
Back on May 8th The Euro broke below the Support @1.5376 but failed to close below. Actually broke into that 1.5285 area that you mention. Friday it did the exact same thing. It broke below and tickled the 1.5310 area and back up to 1.5376 So on a daily chart the line still holds and once again we see an example of "if you play the bounce and it doesn't happen you can still get out at or near breakeven." Where will it go now? I have a hard time believing the bottom will simply fall out though technically it clearly could. So I'm watching right now to see if this area holds or if we are headed to 1.5285. You are right Mary. 1.5285 I said 1.5245 in my post. A misprint. Good thing someone can read their charts!
Energy and persistence conquer all things! Ben Franklin