I'm updating an old chart so you can see how the methodology worked here. EURUSD had a dramatic drop lately, but it has found support at a very important support level originated from price action surrounding one of the G20 summits. In these, typically we've seen attemtps to curb dollar strength, so they have worked well with EURUSD as reference and also, as potential turning points on the day of the events. FOMC and other fundamentally obtained levels are also very good with currencies, specially the Euro.
When the most market participants pay attention, we obtain the most significant key levels for support and resistance. The RgMov trend analysis indicator shows us that the bulls are in control of the weekly and daily trends, and since both have hit important levels of support, we can look for longs now. You have a nice setup to go long here, risking a new daily low, and aiming for a retest of 1.1216-1.1261 at least.
Good luck!
Ivan Labrie.
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Not acting too well, but it's still viable.
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Close half for now.
Trade wurde manuell geschlossen
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I'll reenter when safe.
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Breaking under the G20 key level we could see the 2-month trend turn down. You can short now, or after moving under it. Stops at 1.1181.
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Commitment of traders report shows the previous times we had as many large trader shorts as now, after them being almost flat, was when the huge 2014 downtrend started, and before the massive Brexit sell off.
See new publication, I'm long again from 1.10071, stop 1.09635. There's an intraday opportunity as well, with stop at 1.09975 (see post) Weekly trend is up, and we're coming back up from oversold. Monthly is potentially down, so, I'll try to short the top.
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Note that we didn't have a single daily HIGH below the G20 summit key level here, so the level held as support.