EURUSD Creeping Higher

When I last posted on the EURUSD, price was trading above the daily 200sma and had also cleared the round number 1.1000.

Looking at the daily timeframe above, we can see since then price has continued its climb but ever so slowly. Most of June was spent in consolidation but July has seen a breakout and further highs.

Looking at the bigger picture and the weekly timeframe below, we can see that price is still very much in consolidation and until price breaks out, I will be standing aside. The overall bias is still bearish as price is also trading below the weekly 200sma.

The positive is that there is alignment in the trend as The Dynamic Trader trend filter is green on the weekly and daily suggesting that we could be seeing the start of a bullish trend in progress but until I get confirmation — and that is with a breakout and price trading above the weekly 200sma — I will be standing aside.

The key to good trading is waiting for high-probability environments to present themselves and, as a trend trader, I am still waiting for these environments to appear itself in Forex in general.

For now, I will continue to take advantage of the plethora of far better opportunities that continue to present themselves in UK stocks and US stocks.

Having an unhealthy attachment is the death of many trading accounts.

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Zaheer Anwari

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