|Euro Anchor Chart|
The Euro is falling lower this morning off the new highs at 3649 earlier this week. We can see a bullish price-channel and a green/bullish ‘cloud’ which tells us the long-term trend is bullish and that we should buy at the lows of the price-channel and at major support levels below us.
We can also see that the short-term trend is bearish, and that means we may sell short this morning on the way down to the lows of this bull price-channel, but we need to remember the long-term trend is bullish.
Our day trading plan for the euro is to wait patiently around the PLOD at 3589 looking for clues for the next move higher or lower. We can anticipate a range-bound market on the euro because of the opening-print which means we will buy the lows and sell the highs of the range.
We will buy the PLOD at 3589 with the Wave pattern we see to get long and use the 3616 as our profit-target.