EURUSD

6 May 2016

EURUSD Price seem rejected from the ascending channel resistance and initial support would be the Monthly RES @ 1.1350 with a 61.8% Fib Level, it gives an extra confidence for the uptrend bias. Meanwhile price also maintained above a rising TL (black color) & price will be having the 3rd touch on it with either a break/bounce we're ready for action.

Currently still recommend to trade with the uptrending directional bias so I would be looking to buy if any Price Action(PA) Signal appear to Long around the KEY ZONE - 1.1350

If & only if price, price manage to break below the rising TL (black color) then I shall ignore the buy at 1.1350 area and look to further setup. As Shooting Star PA occur at the channel resistance, this will push the price back into the channel once more or further decline into the channel bottom. Trade Well with own market analysis preference and risk management tolerance.

Happy Trading!