Weekly Trend direction: Bearish
Weekly trend reversal level: 1.4300
Key G7 Resistance levels: 1.4300
Counter-trend opportunities: None
Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance levels after an entry signal.
Today's trade suggestion: Slightly lower after a gentle move down yesterday, but the scenario remains the same: Terribly overbought and an apparent reversal candle on the weekly charts near 1.4300, the momentum on the euro has reversed to bearish. We now look to sell into rallies while below 1.4300, with first resistance at 1.4160, with higher resistance levels at 1.4180 and 1.4230. First target for dips is 1.3950 (perhaps try small counter-trend longs here on signs of basing)and then 1.3820.
Summary: SELL rallies to 1.4150/1.4180/1.4230, stops above hourly reversal levels and target 1.3950
EUR/USD Hourly chart:
EUR/USD Weekly chart: