Weekly Trend direction: Bullish
Weekly trend reversal level: 1.4255
Key G7 support levels: 1.4450/80, 1.4280
Counter-trend opportunities:
Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal.
Today's trade suggestion:
It’s about time! The euro spent most of the holiday month ranged between 1.4300 and 1.4450, and this morning seems to be the day it’s decided enough. 1.4450/80 is now the key support level, and we’ll look to buy dips to this level during this week. As we have only just broken out, a lot depends on how high and how fast we rally today
and tomorrow, and we may have to adjust the support zone higher before we get a chance to buy. Weekly support lies at 1.4255, and as long as we remain above there, the strategy to buy dips will remain unchanged this week!
Summary:
Buy dips 1.4450/80 after a clear G7 entry signal, target 1.4580.
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