Dear EUR/USD trading signal traders
The trading signal from last time is still working its way around the support level around 0.7200. I am not going to add to this position or reduce size just for now. I will keep on monitoring it for new developments.
— Colibri Trader (@priceinaction) 22 May 2016
What I am after today is EUR/USD. As my Twitter followers have already seen my latest post (click above illustration), I am looking to go long EUR/USD. With a more detailed analysis here I would like to explain why. First of all, we have a test of the most imminent support at 1.1200 and it seems like the market participants are a bit hesitant to test lower ground. The daily price action is showing me a small bullish engulfing formation0 which is giving the bullish EUR/USD trading signal indeed. I am waiting for the open to see whether we won’t be surprised by a weekend gap. If not and price looks lenient, I will be going long around 1.1220. My stop would be placed just under 1.1170. My first price target is the level of 1.1260. My next target would be the level of 1.1300.