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  1. #1
    Specialist Member RCox's Avatar

    Hot Potential Breakout Setup in the Euro !!!

    Potential Breakout Setup in the Euro

    The Euro has been beaten down heavily this week but we are starting to see prices snap back and a confluence of technical levels is now seen in both the EUR/USD and EUR/CHF. I feel more confident playing the move from the EUR/CHF side, as risk based fundamentals could still support the Dollar. The 15 minute charts in both of these pairs is showing a similar structure. In the EUR/CHF, hourly CALLS (or even shorter) can be taken on a break of 1.22. This is where historical resistance matches the 38.2% Fib retracement of the decline from 1.2330, and the 100/200 period moving average cluster.

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  2. #2
    Junior Member Aravins's Avatar

    !!!

    EUR/CHF stil holds on 1.2175. I have the same idea and could probably take a call if the price action is positive!

  3. #3
    Specialist Member RCox's Avatar
    Need to see a clean break first.

  4. #4
    Specialist Member RCox's Avatar
    Bull level broke and created the expected follow-through. Traders that have not bought CALLS should wait for a retest of 1.22 to look for confirmation of this area as the next short term support level.

    5-minute chart after the break of 1.22:

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  5. #5
    Senior Member Grae's Avatar
    Dramatic day awaits for the Eur in terms of news items--Thursday, 28th. That plus its end month.

  6. #6
    Solid Member
    A lot of data, especially Euro zone Core Consumer Price Index. Tomorrow it is possible to see some big movements as it is the end of the month.

  7. #7
    Specialist Member RCox's Avatar
    CPI isn't going to move markets, inflation isn't a real concern at the moment. No trades will be based on that.

    End of month order flows is a bigger issue, as this creates unpredictable activity and this makes technical trades unreliable. This is one reason its usually unwise to base trades on charts during these days as it creates choppy conditions.

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