Tug ‘O’ War ?

U/C Daily Chart

Not an easy one for the start of this week and we'll have to see how this unfolds. The weekly pivots want this pair to fall to W-M1 (M-PP too) while the monthly pivots would like it to rally in this final week to M-M4 since we started the month close to M-M2. The W-M3 also happens to be resistance from May 24th, highlighted in white circles. For the bulls to win this battle I like the plan outlined with the arrows and dotted line. Watch oil for clues on this as well, the bulls need oil to fall. Again, I hope someone has pips in their pocket from this plan from the onset as either a longer term or several shorter term trades presented themselves.

3 thoughts on “U/C Update 3”

  1. Maryna says:

    Hi James, it is re-testing the upper trendline of the wedge I posted last week. It broke through with about 50p and came back to the upper trendline. The upper trendline has held for 10 weeks in the recent past, so it’s at a very interesting area and will have to wait and see if it will get rejected from there again or not. Monthly stochastic is touching the oversold area as well.

    1. James Mauro says:

      Hi Maryna, yes this pair has been very cooperative with following the plan and updates over the past month. Thanks for viewing and I hope you profited as well.

      1. Maryna says:

        I don’t trade USD pairs James, but my strategy works on any pair.

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