The Euro Dollar.

Good evening Dynamic Traders,

Tonights chart is of the EUR on the daily timeframe.

Price is currently standing at a former R/S zone after trending up since early March , and has today at the time of writing formed a doji candle showing indecision here, and stands at the upper trendline of the channel and in close proximity to the very strong figure, although it has false bars to the upside of the AdvancedGet Stochastic indicator.

As all trends are up, trades should be taken in this direction when the appropriate signals are given , but as it stands at the moment caution is warranted to the upside because of the afore mentioned confluences and should you wish to trade against the trend make sure you get your trigger points to confirm that direction.

However if you are already in this trade then make sure you are managing it closely as a reversal/pullback is very possible, as price is also standing at the upper end of a fibonacci cluster which again is a reason for the possible retacement.

Be patient as usual and only trade when the signals are given, as to whether a continuation will happen or whether it has run out of steam, but at the least a downward movement of some degree looks imminent, although the figure could be reached first.

As always please ensure to do your own analysis before taking any trades.















Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.