EUR/USD – Path Towards 1.1600 – 8/22/2016

EUR/USD – Path Towards 1.1600 – 8/22/2016

Slowly but steadily EUR/USD is scaling one level after another. About a month ago we questioned sell the rally idea on EUR/USD after Fed and switched from seller to buyer.  So far so good and nothing to worry other than usual jitters.  Of course, current market conditions doesn’t warrant complacency but if Fed doesn’t deliver soon, then as one way buy side trades we are executing in AUD/USD and NZD/USD should be done in EUR/USD too.  Price action hardly follow the straight line ( and actually that’s where the opportunities are ! ) so we are probably going to get plenty of action between 1.1200 and 1.1600 but now bias is surely to trade it from long side.

We will buy pullbacks and will take profit on rallies towards 1.1400 initially but ultimately looking for spikes towards 1.1600.

Follow us on Twitter @Bombay_Bulls for trade updates.

EURUSD_3hr_Chart_Aug_22_2016

EURUSD_3hr_Chart_Aug_22_2016