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EURUSD – what would you do for an encore?

This is what I like to see and this is when traders can make both pips and money trading momentum, breakouts and subsequently making positional trades. Yesterday FED neutral to dovish statement (more dovish though) sparked the upside momentum on the EURUSD pair and BOOM! The pair behaved as was published before FOMC and after a perfect consolidation the pair broke all upside levels hitting the target.

What would EURUSD need to do for an encore? Obviously the pair is going towards magnetic 1.1375 level (Feb high + H4 camarilla WPP) where we could see some initial selling. 4h close above it will expose 1.1555 that could be next swing target. Positional trades could happen within 1.1260-50 zone (23.6, H3, inner trend line). Because we don't see any retracement on 4h time frame yet we can use historical price action that is repeating in now moment (see the chart). That's the beauty of Forex trading.

Thursday, 17 Mar, 2016 / 3:12

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