Currency market: EUR/USD weekly trade

Brian Twomey Brian's Investment

As written May 27 in the EUR/USD V NZD/USD post: If EUR/USD or NZD fails to break vital points higher then both will trade a deep dive in a long red candle. EUR/USD traded its deep dive in a long red candle. Most importantly as written in the Fx weekly on Sunday: 1.0818 won't break this week.

True to the written word, here's the EUR/USD weekly trades. Short 1.0795 to target 1.0642. Highs this week achieved 1.0786 and lows to 1.0626. Traders earned 16 extra downside pips. The 7 pips miss on the topside had to compensate for the 7 downside. Makes sense. No but we continue, continuamos.

So far traders also earned +144 pips. The trade was guaranteed based on the principles of moving averages, correct moving averages and regardless to economic announcements, Macro, Yields, central bank blah, blah stuff. In fact, 99% to all the written words didn't matter to the trade.

The upside to the weekly trade comes next for more profit pips. Long 1.0642 to target 1.0795. EUR/USD achieved highs so far at 1.0694 or +52 pips.

A this stage, traders banked 196 pips for the week in 4 days. The weekly range traded 160 pips. Weekly trades fails to include 24 hour trades as day trades offer many more pips than 196.

Will EUR/USD trade to 1.0795. Easily achievable above 1.0771 on breaks at 1.0718 and 1.0744. Traders may easily walk away for the week especially traders with a busy life or continue to earn profit pips. EUR/USD is only 1 of 20 currencies traded for the week.

Additionally, 1 more round of 24 hour trades exist to the week and not included to today's trade. Ironically, today's upside target is located at 1.0766.

EUR/USD's big break for higher is now 1.0824. Overall averages are rising on a downside price. This situation informs, EUR/USD downside is limited and must travel higher as averages become far more oversold. Averages refers to 5 day to 1998.

Located on the downside is 1.0611, 1.0558 and 1.0505. Current EUR/USD in the 1.0600's are deeply oversold and the strategy remains long.

Author

Brian Twomey

Brian's Investment

Brian Twomey is an independent trader and a prolific writer on trading, having authored over sixty articles in Technical Analysis of Stocks & Commodities and Investopedia.

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