Long scenario still in play in the Euro until 1.2966 is broken

Although the Euro traded below the 3104 level, formally failing longs, that was probably a reactionary move that came during the ECB press conference. Also the dollar index (not shown) is probably at a cycle high.

If price moves above the 3205 level longs will still be valid and the plan highlighted on April, the 30th will be back in play. If shorts continue the target will be 3055 and then price action must be re-evaluated.

Euro has still weekly support in the 1.2966 to 3068. However below 1.2966 the long plan will be invalid and the new target will become 1.2253.

4-hour chart Euro FX currency futures contract


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Filed under Euro FX setups and trades

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