EURUSD is at the WPP resistance level I spoke about on Monday. We note this is the support of the previous range and is therefore now resistance. Standard range trading strategy tells us that when price breaks out of a range we wait for it to pullback and then enter a trade. We have the setup and Bears are certainly watching though one thing I am keeping an eye on is all the other Dollar pairs and the Dollar Index. Other Dollar pairs are not saying strong Dollar and neither is Dxy. I am not saying that EURUSD doesn’t move lower. If you are a Bear on Euro and a Bull on Dollar then this one is for you. We just need to make sure we have the setup and confirmation.

EURUSD Daily

MPP - MS2.

EURUSD H4

MPP/ WPP cluster. Confluence of MM1 with WM1 and MS2 with WS2. Note we did not come down off the 21 EMA

EURUSD M15

If price comes up and double tops and then makes a lower low then I'll get in on the pullback. If price breaks WPP and moves up to MPP then we will have to setup the trade again with similar tactics. Based on the above tactics @ WPP - TP MS2 SL above WPP.

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