Daily EUR/USD trades

Please note that I have made adjustments to both the static levels (black) and the dynamic River levels (blue) based on the price action over the last 5 weeks. The static levels will be fixed for approximately 4-5 weeks depending on volatility.

The market closed below the River level of 3621. We are resolving this level and I consider it neutral at this point. We want to use this level to indicate our next directional move. Traders may stand aside until this level is resolved or use this level as a pivot. Expect volatility around this level with hourly closes.



Long Strategy (Neutral)

Traders can establish new longs on an hourly close above 3621. Risk is an hourly close below 3621. Target is 3663, then 3778. Exit all longs here.

Traders can set longs on a move down to Transition at 3548. Risk would be an hourly close below this level. Target is River at 3621. Exit completely here.


Short Strategy (Neutral)

If you entered short today on the move below 3619, stay short. Risk is an hourly close above 3621. Target 3548 and exit completely here.

Traders can set new shorts on a move back to River at 3621. Look for a push into this level. Risk is an hourly close above 3621. Target is 3548. Exit completely here.

eurusd5-2-2007.PNG
 
Initially had placed good short couple of days ago and made nice profit...not sure about what direction to take now...may need to wait until start of next week
 
I would expect it to stay relatively quiet and flat for the rest of the day, as volume goes home for the weekend...
 
Looks like the dollar will likely weaken against the EURO this week, as meetings of the Fed Reserve and the European Central Bank bring interest rates back into focus. Just a pointer.
 
lookin for a good time to go short...after this quick decline will wait until it retraces and then place my trade...I think we could see it around 1.34 in the next few weeks
 
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