EURUSD - Next Long Term Impulse (is coming soon)
Hi guys,
You've probably been enjoying the EURUSD ranged market over the past week or so, but wondering where it will go next. If you remember, we had something very similar back in May. The sideways consolidation ended with a large impulse to the upside (bullish). If you look at figure #1 and #2; we are in the same type of consolidation pattern now. If the same results plays out, we will get a strong impulse to the upside (bullish) after the consolidation period is over.
Daily up trending support is still holding. This suggests higher prices 'until' support fails. I would like to see a 'clean' break above 1.1280 before I open another long term position. Until then, I'll keep playing the channel with tight stops above resistance and below support.
NOTE: This is not trade advice, just my opinion(s). Please trade safe and keep an eye on news.
You've probably been enjoying the EURUSD ranged market over the past week or so, but wondering where it will go next. If you remember, we had something very similar back in May. The sideways consolidation ended with a large impulse to the upside (bullish). If you look at figure #1 and #2; we are in the same type of consolidation pattern now. If the same results plays out, we will get a strong impulse to the upside (bullish) after the consolidation period is over.
Daily up trending support is still holding. This suggests higher prices 'until' support fails. I would like to see a 'clean' break above 1.1280 before I open another long term position. Until then, I'll keep playing the channel with tight stops above resistance and below support.
NOTE: This is not trade advice, just my opinion(s). Please trade safe and keep an eye on news.
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