E/U trading for the coming week.
The daily chart shows an upward wedge pointing to an imminent breakout early in the week. The most likely direction is still upward.
The major zero-line (blue band) at 1.3300 that also is a stop hunt line is the obvious destination of an upward breakout
There is also the upward sloping trend line at the base of the wedge that is the most likely destination of a downward movement. Interestingly, the most likely level of intersection of that line with PA is 1.2699. Right at the stop level of 1.2700.
SR points from last week
Trades to place ---
Buy stop 1.3285 TP 1.3300 SL 1.3270 to catch the upward stop hunt. (large trade)
Sell stop 1.2715 TP 1.2700 SL 1.2730 to catch the downward stop hunt. (large trade)
Buy limit 1.2700 TP 1.2735 SL 1.2685 to catch the retrance off the trend line. (small trade)
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