We looked at further rallies last week on both EU and GU and that’s exactly what we’ve seen. Both pairs have made strong moves to the upside and are showing signs of a continuation.
EURUSD – Long
Since price hit demand a few weeks ago, the pair has been rallying. There is still room to move up so we’re looking for signals on the lower time frames to confirm. There has already been another engulf now it’s just a case going long from demand.
GBPUSD – Long
Price has engulfed the previous daily supply we looked at and this time went higher than the previous high that was set. There are only red candles above so the path looks good for longs. We’ll see what confirmation the lower time frames give.
GBPJPY – Short
GJ is also on the move up but rather than look for longs, I’m waiting for shorts. The path on the left does not a have a clear run as I would like but if price rallies with pure green candles then a short could be on from the supply.
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