EUR/USD reached a key D1 and W1 support level. At this point, if the support holds, we should see a beautiful reversal. And if we break below the support and price holds on the D1, then we may see a continuation in the short.
We have been in a consolidation period and the MACD has crossed to the upside, but that does not necessarily mean that it will reverse.
Here is an example of what we are looking at to determine a long or short entry on the EUR/USD.
Our key target levels for the long position are: 1.15000 – 1.18000.
Our key target levels for the short position are: 1.12000 – 0.0050.
UPDATE*** Before I was able to post this, we had a strong push to the downside this am***
Today, price broke below our major support level, so it appears that we may be taking the short position. We will wait until EOD (end of day) to make sure that the D1 candle does not end as a pin bar fake out.
All technicals are showing a strong sell, but again…it is important to wait until full formation of the candle to see where price closes.
If we do not see a fake out, remember… Our key target levels for the short position will be: 1.12000 – 0.0050.
Cheers to another successful week!