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Daily EURUSD discussion

Upintheair

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Hello and welcome to the daily discussion for EURUSD, the most traded currency pair in forex. I like EURUSD for several reasons....it has low spread, good daily ranges and is reasonably steady without the wild swings of say GBPJPY or EURJPY. I thought it'd be good to get some discussion going revolving around the intra-day moves for the pair. I've just entered a small buy at the current daily lows looking for a bounce back up to 1.1120. The data was okay from the US but doesn't seem to warrant this sort of pullback. Stop is at 1.1080.
 

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Looks an okay setup but price is showing tendency to drop lower from here I think, 1.1090 looks a good level and an area I'd be interested in if a setup formed. Good luck!
 

Upintheair

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Here's my chart to show what i am looking at. I am using the pip range bars and have the Ichi indicator on to keep practicing. I have drawn a line at where I like the look of price action and as mentioned, 1.1120 would be nice but i have moved to b/even at 1.1108 now it is only 1.5 pips away.

Hope the image works.

 

Upintheair

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Knocked out for breakeven and then it zooms off to target. This opens a can of worms for me....to move to b/even or to not? Perhaps too tight? Pleased I had the right idea maybe work on the execution....
 

Upintheair

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Hi all, eurusd has been relatively flat during the overnight trade and i'll be watching some action around the 1.1170 area to the downside or 1.1250 area to the upside.
 

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Interesting level here, if it breaks price could accelerate to 1.1140 area.

 

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The cause of the Euro rally:

Germany’s Merkel: Euro Is That Weak Because Of The ECB's Monetary Policy - On Causes Of German Trade Surplus.
 

Upintheair

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Euro pushing higher again and now reaching the level I mentioned earlier. Also looking at range bar charts I see divergence, would you trade it John?
 

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Euro pushing higher again and now reaching the level I mentioned earlier. Also looking at range bar charts I see divergence, would you trade it John?
I'm currently short from 1.12448 but I'm prepared for it go higher and won't panic if it does. Currently the Kijun Sen (blue line) has been holding price in this upswing and until that breaks it has the potential to keep going. However, I also feel this is a level worth attempting a short.
 

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Taken half off at +11 and will see how the 2nd half goes, ideally looking for 1.1227 area.
 

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Closed out the 2nd half after price again bounced off the Kijun Sen. I've zoomed in to show the two exits:

 

Upintheair

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Nice job, I'm still holding targeting 1.1225 zone.
 

Upintheair

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Bailed for -2, you're right price cannot break that line!
 

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Refuses to budge at the moment, at least the sixth failed attempt to clear the Kijun sen area. I'm off for the night, it'll be interesting to see how it develops.
 

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Hey guys, I've got my eye on 1.1160 zone for a potential long, any thoughts?
 

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Hey guys, I've got my eye on 1.1160 zone for a potential long, any thoughts?
Hi Will, I agree, it looks a good level, it needs to hold to maintain this upswing momentum. Will be interesting to see if a divergence trade appears if it shoots lower.

Hope you're well.
 

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The level discussed earlier in the week has held firm for now. If it goes, plenty of downside potential for EURUSD:

 

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Hi John, amazing how some levels hold so regularly! Wished i had held my AUDNZD trade a bit longer, smashed down. Have a good weekend!
 

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EURUSD has broken the 1.1170 area and I have this as the next potential area for support around the 1.1100 handle down to 1.1080. If that breaks it has some clear air down to 1.1015. It'll be interesting to see if 1.1170 holds as resistance if price re-tests it to the upside.

 
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