Playing for a EUR/USD Breakout
In yesterday's market musings, I spoke about the possibility of USD weakness for the week. Let's just go over a quick EUR/USD setup that's in the middle of unfolding right now.
So remembering that after the better than expected NFP report, the Euro had every reason to tank. But it didn't.
With price having formed that V shape bounce at the first x and then holding the retested support zone at the second x, the bulls still look to be in control:
Zooming into an intraday chart, price held the first marked zone and continued higher.
I want to play for a breakout of this trend line, setting myself up now for that potential rip higher, but that first x is the invalidation level.
Come on, hold it and rip!
Best of probabilities to you.
@danewilliams | Steemit Blog
Market Analysis
Twitter: @danewilliamsau
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