The recent rally from the low on May 27 at 1.0818 is building in dramatic fashion.
What is happening is that Range Expansion (RE) days to the downside are occurring at higher levels, which is a sign that shorts are scrambling and weak longs are getting flushed out. The "mode" of the advance is right here at 1.1250 and will be 9-days after today, so that sets up a 9-day rally to 1.16 or more aggressively to 1.17. It is bullish when a mode builds high in the range. We do need to see the market lift from here to trigger a buy signal, so I am tempted to jump the gun a little and go in here.
Why? The failure of the EURUSD to decline on the Greek issues of late is another bullish sign that the sellers are not in control here.
Trade setup: Long here: Stop 1.1150. Target: 1.16. Last 1.12851
Tim 3:34PM EST
What is happening is that Range Expansion (RE) days to the downside are occurring at higher levels, which is a sign that shorts are scrambling and weak longs are getting flushed out. The "mode" of the advance is right here at 1.1250 and will be 9-days after today, so that sets up a 9-day rally to 1.16 or more aggressively to 1.17. It is bullish when a mode builds high in the range. We do need to see the market lift from here to trigger a buy signal, so I am tempted to jump the gun a little and go in here.
Why? The failure of the EURUSD to decline on the Greek issues of late is another bullish sign that the sellers are not in control here.
Trade setup: Long here: Stop 1.1150. Target: 1.16. Last 1.12851
Tim 3:34PM EST
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