Get Ready to Buy EUR/USD
I've been trading EURJPY on an intraday basis. It's difficult to share these ideas (even on Twitter) because of the extremely short term nature of the trades. In any case, keep focused on the potential triangle, which is valid below 12135. If a triangle is underway, then a terminal thrust as low as 116-117 may take place in the next few days. There are 2 ideas there; short for the terminal thrust from the triangle and then long for the recovery after the thrust. 12080 is short term resistance. Exceeding 12135 would shift focus to 12225/75, and negate the triangle interpretation as described.
The EURUSD continues to exhibit constructive behavior. Longs will probably be taken tomorrow or Friday. The Daily Technicals will provide the details. The EURCHF response at trendline support is favorable.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.