Monday, May 21th 4-hour Euro-dollar update

An update on the 4-hour chart for the Euro-dollar.

The 1.2729 level provided support to prices for a long trade with stop-loss below 1.2709.

Two new targets have been identified at 1.2854 and 1.2919. Those will be confirmed on an upward violation of the 1.2780 level (which hasn’t happened yet).

It is important to notice that, after reaching the first target at 1.2854 (if price gets there), if price exceeds the 1.2865 level, a new retracement could take place bringing prices to the 1.2750 level. That would represent a new long entry (to be analyzed if the scenario takes place)

Above 1.2865 the Euro-dollar will be confronted with higher levels of resistance at 1.2966, 1.3000 and 1.3071.

Above 1.3172 the Euro-dollar will probably continue higher to retest the 1.3450 area.

The daily and 4-hour trends are bullish, however the weekly trend is still bearish. So it is in such a context that the current move higher must be considered.

Great trading.

G.

 

 

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