Weekly Trend direction: Bullish
Weekly trend reversal level: 95.00
Key support levels: 95.00/20
Today's trade suggestion:
A weekly reversal to long from the base at around 95.00 means that we are back to the same old range between 95.00 and 100.00 (most of the time). It may well be that 95.00 is as low as the dollar is going to get in the next few months (if it holds this week) and our strategy is to buy dollars for a rally back to 98.00 and then 100.00. As we are so close to the weekly reversal level at 95.00, the strategy is now very simple. Buy at 95.20/95.00, stops under 94.80, with a target of 98.00 – 100.00. If 95.00 doesn’t hold, then the weekly direction will have reversed again to short, and we’ll have to stay out of this pair until next week.
A weekly reversal to long from the base at around 95.00 means that we are back to the same old range between 95.00 and 100.00 (most of the time). It may well be that 95.00 is as low as the dollar is going to get in the next few months (if it holds this week) and our strategy is to buy dollars for a rally back to 98.00 and then 100.00. As we are so close to the weekly reversal level at 95.00, the strategy is now very simple. Buy at 95.20/95.00, stops under 94.80, with a target of 98.00 – 100.00. If 95.00 doesn’t hold, then the weekly direction will have reversed again to short, and we’ll have to stay out of this pair until next week.
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