EURUSD seems insistent on cracking the recent highs but still faces further resistance around 1.1740/50
Once again we seem to be seeing a lack of definitive direction today. We;ve been up and down a few times and it’s going to take something special to bring a bigger move. A third attack on the 1.1720 might bring that reward if it’s strong enough.
This are is protecting the stonger 1.1740/50 top.
I suspect that there’s a few stops lined up through 1.1720, and there’s likely to be even more through 1.1750. They’re also likely to be big enough to give it a good shove through.
I still like the top here for a short but am just holding off hitting this 20 level as we keep coming back towards it. I’ll see what the price action says but I’ve got an idea to short higher up into 1.1740, with a view of reversing into a long on a break of 1.1750. This 50 level looks just right for a break trade so if I don’t like the PA for a short, I’ll just concentrate on trying to catch the break.