EUR/USD Trades – Range Bias

EUR/USD Current Price: 1.4202 Daily Pivots:

eurusd_july_20_2011b

Source: FXtrek IntelliChart™ Copyright 2001-2011 FXtrek.com, Inc.

S3: 1.3917; S2: 1.3997; S1: 1.4076; P: 1.4148; R1: 1.4227; R2: 1.4299; R3: 1.4371

EUR/USD: The EUR/USD’s price action since we hit a low at 1.3837 on July 12th has been range-bound and capped by the tunnel on the chart. As such, we will continue to monitor the “tunnel” as a good level to establish short positions against, looking to take profits at the supporting trend line. This price action could very well spell out triangle consolidation, but we don’t know that for sure. What we do know, is that as long as price is contained within these trend lines, we will trade the range. Only when price breaks lower or higher will we look to become trend focused once again. There are too many competing forces fundamentally with the EUR/USD to see a strong move either way. Time will tell. On the topside, monitor the 1.4245-85 area, for a break above could see higher levels. On the downside, the key levels are 1.4100 followed by 1.4000. For intra-day, follow the pivot points for range trading.

If you are an advanced Forex trader and would like to learn Elliott Wave analysis, please contact me. If you are interested in signing up for a FREE 90-minute Coaching Session, to assess where you are in your trading, please send an email to jody@fxtradersedge.com. Happy Trading!

Leave a Reply

Your email address will not be published. Required fields are marked *