I haven’t posted for the last two days because I was sick. I am standing aside for now because it has been pretty tough to determine a clear direction in the EU. The EU is currently trading in a bullish ascending channel depicted on 1 hour chart (H1) and a hammer just printed on H1. My plan is to short EU at 61.8% retracement (1.4012) with a target of 1.3750. The daily chart stochastics have begun a bullish cycle but price remains below the 21 exponential moving average (EMA). I would suggest “sitting tight” until price reaches upper trend line of triangle depicted on H4 and daily stochastic finish current bullish cycle. I plan on adding GBP/JPY analysis to my blog posts as soon as I become more comfortable trading this pair. Stay tuned on twitter for real time trade updates.
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