EURUSD gets over one hurdle and falls flat on its face at another

Author: Ryan Littlestone | Category: News

The levels are still playing ball while the chicken remains headless

The euro looked to making a move above 1.1400 after breaking the recent uppermost highs around 1.1420/30 but it faded out at the next big level at 1.1450.

EURUSD daily chart

The second part of my short trade ahead of 1.1450 triggered in the move this morning and I've already taken two thirds off. I was originally looking for a target below 1.12 but while I'm happy that the tech levels are performing, markets look very messy right now and I don't like messy. To that end I'm happy to play the levels on a much shorter timescale and just keeping banking profits in these swing moves, while keeping and adding to a smaller core position. I originally had a stop level above 1.1520 but I'm bringing that right down to 1.1470 so my risk is tighter if we see a break.

For the downside, 1.1330 has shown it's hand several times now and that's a level intraday longs will be looking at, and I may too.

There's well defined areas developing and prices are swinging around quite nicely. There's no need to chase a trade in these conditions. Pick your levels, have some patience and let the opportunities come to you.

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