Saturday, August 22, 2015

Euro Ends the Week on Bullish Tone

Euro continued moving up verses US dollar on Friday. You probably remember that a reversal upwards started on Wednesday after five days of moving down. Thursday saw eur/usd rallying up dramatically and on the last day of the week the move accelerated even more. 

It is pretty interesting that the pair continued going upwards even during Asian session and crashed on London open. However, the correction downwards was very limited and within an hour and a half the pair started going up again. Because the short term trend has been up for a few days we were only looking for opportunities to go long. It presented itself when 09:30 GMT 15 minute candle closed. 

Price failed to take the low of 1.1240 (the low that formed at 08:21 GMT) and the uptrend resumed itself. Depending on your broker spreads you could buy the pair at around 1.1262 with a stop loss below the low of European session (1.1240) or below the low of Asian session and low of the day at 1.1228. The first level carrier less risk (22 pips) and the second one (34 pips). Both were affordable as price rose around 150 pips for the day. You could grab at least half of it. 

Buy set up for eur/usd

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