EURUSD: Above 1.0830 trades higher

Carol Harmer Charmer Trading

EURUSD

We still have the gap down to 10780, but currently we are holding above the 38.2 short term fib....at 10830...So this really is the key for today....If we can hold above this 10830 area then we can hopefully trade higher...On the above chart you can see that we have a small topping pattern.....but our 4H stochastic are slightly bullish....

Now sadly...the daily ones are showing different....these are showing overbought and beginning to turn...Now as we have remained static below 10950 This could be the key to direction...

Although the market is looking stronger overall since holding 10570 there is a case to answer for a correction...we would look for correction down to 10780...I think at these lower levels there will be profit taking...and some buyers....I think also that if we lose this 10770 area further weakness will be evident with 10640 then the targeted area...

Now if we can make the break above 10950.remember , keeping our eyes on the daily stochastic....but if we can then there is no reason we cannot trade higher and go towards key resistance at 1.1035...

EURUSD Current Trading Positions

Sell 67%

Buy 33%

Avg Sell Price 1.0867

Avg Buy Price 1.0739

Liquidity Distribution

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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