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Trade Setups / Chart in Focus:
EURUSD
The EUR/USD closed barely lower on the day WITH making a high high than the previous price bar and without making a lower low. The pair left about a 70 pip tail wick which is pretty long.
EUR/USD Outlook
Friday’s price action showed that neither the bears or the bulls have control. Going into next week the possibility exits that Spain will make a formal request for a bailout and this is leaving markets unsure going into the weekend. Nevertheless, a good day for scalpers and day traders with plenty of opportunity.
This is not an easy setup to trade. Position traders may want to stand aside and wait for a break today’s high or the low from yesterday. A break upwards could lead to new highs above the QE3 spike and even to a test of the super heavy resistance around 1.35 if the market reacts favorably to a Spanish bailout. A break lower should take us to the support at 1.2750.
Let’s take a look at the charts.
EUR/USD Analysis
EURUSD
The EUR/USD closed barely lower on the day WITH making a high high than the previous price bar and without making a lower low. The pair left about a 70 pip tail wick which is pretty long.
EUR/USD Outlook
Friday’s price action showed that neither the bears or the bulls have control. Going into next week the possibility exits that Spain will make a formal request for a bailout and this is leaving markets unsure going into the weekend. Nevertheless, a good day for scalpers and day traders with plenty of opportunity.
This is not an easy setup to trade. Position traders may want to stand aside and wait for a break today’s high or the low from yesterday. A break upwards could lead to new highs above the QE3 spike and even to a test of the super heavy resistance around 1.35 if the market reacts favorably to a Spanish bailout. A break lower should take us to the support at 1.2750.
Let’s take a look at the charts.
EUR/USD Analysis
