EUR/USD: Needs to rally through 1.1260 to ease the downside moves
|Euro/Usd
Euros had a down day yesterday and took out 1.1170 just...we have managed to climb back above it now....so we have added to longs at 1.1177 and we await today's action...You can feel that the market is short...so I would think that because of this...and also we have had a down week, that there should be some short covering today as no one really wants to ride a position over the weekend...
So I will keep our longs until tonight and see how the US plays it this evening...If I am right we should see a move back above 1.1190 and that would lead us onto 1.1245 where we would then be covering longs..
I don't believe there is any value in running over the weekend, we will wait until Monday again to take advantage of any moves Sunday night/Monday morning have to offer...
I think that really Euros need to make a break through 1.1260 to ease ant further downside moves...Virtually all times frames to the 4H chart are oversold...although the dailies are still pointing lower currently...but Weekly and Monthly charts are very oversold...and although I don't think 1.25 on Monday is an option...I do think that in reality the market has to address these longer term indicators...Now if 1.1160 breaks we have the 1.1118 area and that would provide a DB on the daily charts and the market should recover from these lower levels...
EURUSD Current Trading Positions
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