Trend Day Up-Levels For The EUR/USD

Posted Friday, December 29, 2017 by
Shain Vernier • 1 min read

In yesterday’s Forex U.S. Overnight Preview, I broke down the likely scenario facing the EUR/USD for the remainder of the week. As of this writing, it appears that institutional money is driving price north and chewing up anyone that gets in the way.

EUR/USD, Daily Chart

The daily chart illustrates today’s bullish break as well as the extension of this week’s range. Buyers are in complete control, crushing any and all resistance on the way to 1.2100. Thus far, we have seen stops get run just above the following levels:

  • November’s high, 1.1960
  • Psyche level, 1.2000
  • Quarter handle, 1.2025

It has been a bloodbath for position shorts as the EUR/USD grinds higher. Here are the topside resistance levels to watch for the rest of today’s forex session:

  • Resistance(1): Psyche level, 1.2050
  • Resistance(2): Quarter handle, 1.2075
  • Resistance(3): 2017 high, 1.2091

Bottom Line

The only short location that interests me is from 2017’s high of 1.2091. I will be selling from 1.2085 with an initial stop at 1.2106. This trade is a 1:1 R/R play, looking for 21 pips profit.

Today’s move is going to give us a premium shorting opportunity for early next week. The high of 2017 will bring participation and create a concrete stop out point. If you are going to enter the market in front of this level, be sure to wear your knife-catching gloves. Keep stops tight and leverage in check.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments