EUR/USD In Corrective/Consolidation Mode

The EURUSD continued the corrective/consolidation phase last night.  The pair is testing the upside of the channel at the 1.4226 level currently.   The market is pausing at the level.  A move above should see some more momentum to the upside.  Watch this level.

On the downside, the market has some support against the 100 and 200 bar MA on the 5 minute charts at the 1.4210 level although in this correction phase, the moving averages are not an influence on the market as the market is non-trending (moving averages are going sideways).

The goal in these phases is to keep risk to a minimum and look for good trade location. If the plan does not work, get out.

Subscribe by RSS Subscribe by Email