StraightForex Blog

If you take a look at the EURUSD daily or 4H chart it will look as if it was already rejected from the LT support level, but it hasn’t… yet:

EURUSD

I think it would be safer to start looking for long opportunities when the EURUSD breaks the 1.3927 for the upside (it’s pretty close though), only then I will be looking for long opportunities.

Trade Safe!
Raul Lopez

What do you think about EURUSD movements in the last two days? Interesting aren’t they (and better if you were short). I was thinking about how the EURUSD weekly chart would look like, and here are my conclusions:

EURUSD

- It started to range at the long term support level, first it broke the shorter term range for the upside, triggering a bullish market condition, but then it came back to the range.

- Then it (strongly) broke through the important LT support level and it will probably continue in this way until it hits the next LT support level.

Now, remember we are talking about the weekly charts, and it could take the EURUSD a few weeks to get there. What we are sure though is that it is in a very clear bearish market condition in the 1W charts.

Trade Safe!
Raul Lopez

The EURUSD its been trading in a medium term range in between 1.4508 and 1.4316. Apparently it is being rejected from the support level at 1.4316:

EURUSD

We need further confirmation though to start looking for opportunities, because right now it is trading near the short term resistance level.

My Plan:

If the EURUSD breaks 1.4387 for the upside I will be looking for long trade opportunities

If the Euro breaks 1.4335 for the downside I’ll be looking for short trade opportunities.

Trade Safe
Raul Lopez

Hope you all had a great and relaxed weekend because I think we could see pretty interesting moves this week.

The EURUSD is trading near a long term support level, 1.4517 and it has created a short term range in between 1.4540 and 1.4488:

EURUSD

We need a further confirmation in order to start looking for a trade opportunity.

My Trading Plan:

If the EURUSD breaks 1.4540 for the upside, I will be looking for long trade opportunities.

If the EURUSD breaks 1.4488 for the downside I’ll be looking for short trade opportunities.

I will do nothing it the Euro keeps trading in between the short term range.

Trade Safe!
Raul Lopez

Even though there has been a small retracement in the EURUSD in this session, we are still in a bearish market condition:

EURUSD

Last Friday the Euro broke an important resistance level, so it is likely to continue its way down until it reaches the next long term support level around 1.4517.

Here is my trading plan:

As long as the EURUSD trades below 1.4683 I will be looking for short trade opportunities. My next LT support level is at 1.4517

All long opportunities will be ignored.

Trade Safe!
Raul Lopez

Finally the EURUSD broke the top of the 4H range it traded for about 2 weeks:

EURUSD

It is in a clear bullish market condition, meaning only long opportunities are in play.

Here is my trading plan:

As long as the EURUSD keeps trading above 1.5038 I will be looking for long trade opportunities. The next long term resistance level is around 1.5340

All short opportunities will be ignored.

Trade Safe!
Raul Lopez