Ethan_FX

EURUSD Long idea/plan

Long
FX:EURUSD   Euro / U.S. Dollar
Good morning traders and a happy Monday.

Fundamental analysis:
Were starting the week off with some major data events coming out of both the US and Europe.
Firstly we have the German Ifo Business climate (EUR) coming out at 09:00 GMT (my local time).
This has the power to move the market a substantial amount therefore i will not be entering a trade until we see the results and the reaction of this data on the market.

Secondly we have Durable goods orders (USD) data coming out at around 13:30 GMT .
This also has the power to change the market price however, the consensus on this one is a lot lower than the result of the previous.
I don't think we will see too much of a reaction on this but if we do i think it don' think it will be in favour of the USD.

Technical analysis:
As for the technical side of things price is making new higher highs and higher lows and this has been the case now since 10th June.
You can see that a nice trend line has formed starting on 21st June. I will be playing off this trend line for the rest of the week as there are no major support/resistance lines for a while now. The next resistance which is a weekly resistance will be at 1.20767 (NEARLY 400 PIPS!!). The closest major support is at 1.04094 (290 Pips).

In conclusion EURUSD is in a very strong uptrend and i will be waiting for the retest and rejection of the trend line this week. Data is also going to provide a big bias for me in terms of which way i am going.

Have a good week of trading guys!
Ethan.

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