EURUSD DIP
“Buy the dips, sell the rallies” is how the saying goes. Here we have EURUSD currently declining, which is attracting sellers to the market. It is almost a perfect time to enter longs, just waiting for a confirmation with a break of 1.10300 resistance. I will take price up to weekly highs of 1.1160 before seeing if it breaks out to fresh monthly highs. If price fails then the trend will continue downwards where I will be locking in profits along the drop in high probability support areas. This is a counter trend trade of the intermediate downtrend, so it may struggle in its initial break, but there will be more certainty once the trend gets underway.
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