If you were on the RF1010 call this am you know we were trading EU, NU, EJ and AU. Currently we have booked 158 pips and still in one trade. WE spoke about the 55 pips target from the white dot and here is a picture showing the target hit.
As anticipated yesterday we took out the descending wedge and the S4 at 1.3557 on the way to the .786 Fib Retracement. A break here targets the double bottom @1.3450. The S5 Target @ 1.3410 is then within grasp but expect a bounce at the double bottom. Should see some consolidation there.
As anticipated yesterday we came did not respect the .786 retracement but came off the R5 and the channel wall. Currently at a critical area. Bounce on the trendline targets a move back to the .786 Fib Retracement and a double top. A break of the trendline here targets the 112.42 (S2 area). Should see consolidation there. Further targets are 112.66 ( S3) and the S4 at 111.89.We faveor the downside.
EURUSD took out resistance at 1.3734 which was our target yesterday. It has since pulled back through R4 and headed to the .382 Fib retracement and nearing a support at 1.3664. Today is a square up day this could propel the cross to the lower targets with support coming in at 1.3591. Until we break the trend line @ 1.3658 area the uptrend is still intack for a move back to the 1.3767 (.382 Fibo of the Day chart). Remember though it is a squaring day.
After yesterdays breakout the cross has moved 100 pips from the former trend as the Ozzie strengthens. We have built the start of a wedge which is bullish for the cross. Currently the resistance at 0.9892 has held the move. Looking for the continuation northward today but it might make a run at the .382 fib retracement @ 0.9836. If so look for it to build a bull flag. A move out of the wedge up targets the 0.9950 area and then we should see a move to the 1.0014 area( fib extension and parity).
After yesterday’s big run the cross has retraced 100 pips off the bottom and built the start of a bear flag. This remains bearish for the cross. Currently at the bottom of the flag but has not been able to break yet. Looking for the breakout today but it might make a run at the .500 fib retracement @1.5964 as it continues to build. A move out of the flag down targets the 1.5805 area and then we should see a move to the 1.5775 area(.270 fib extension). Lots of great targets to the south if we can get traction here.