EUR/USD looking for a pullback

2018年7月18日

My radar was out of sync with the market yesterday as EUR/USD failed to turn around when it hit DP/WP. In fact it plummeted through both, as if they stood for precious little. As there was no setup to trade Long - no harm was done. The pair now closes once again, on 1.1600 and I must say, I'm ok with that. With my bullish bias, comes the expectation that a bounce Long will occur and 1.1609, is as good a place as I can find, short term. I'm looking then, for a false break below a Support Trendline (H4 chart). It's NOT inconceivable that price will seek the bottom of the two month old range (1.1500/1.1800) of course but with an untested DP snuggled up tight against WP and MP, it will venture Short without me. So, Plan A is to trade a DP Test off Support. A lack of Trendlines on M30 might be rectified in time to trade during UK Session but for now, H4 looks to be the testing material - I'll need some patience.