Morning everybody,
In general EUR has completed our suggestion. Indeed upward action has happened and specified targets have been hit. Now EUR is challenging the K-resistance area. Slightly higher, at 1.1040 area we also have MPR1.
As we have to follow the odds, it is not good point for new long positions. We can't sell here as well, because daily context is bullish. Thus, daily traders should wait for retracement and manage existed long positions if any.
On 4H chart market has hit our COP and even slightly exceeded it. It is difficult to be on spot with future price action, but we could suggest few things. First is - if EUR starts to form small triangle/pennant here, it will be early sign of coming breakout and action right to OP target. Conversely, drop back to the lows suggests some downside AB-CD - either to nearest 1.10 level or, what is more probable, to 1.0975 K-support:
For example, in case of pennant on 4H chart, here we could get upside butterfly and reaching of XOP target.
Short position here on 1H chart is suitable only for scalp traders, if any bearish reversal patterns will be formed. All other time frames have bullish context.
Disclaimer
This FPA Investment Research is for information and education purposes only. Any decision to make any trade on the market has to be made solely by the reader. Information that is presented in research or its update is not an offer or call to make the trade on the financial markets and expresses just a personal opinion of the author who is might be wrong. Reader has to make decision on any trade solely and care all responsibility for results of this trade.
The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.
