First up, as a disclaimer of sorts, this model has been wrong on the last two trades that I have seen from it. I’m not sure if that’s a good thing because it’s due for a win or a bad thing because it’s out of form. This model works off very short term charts and mixes trend measurements and moving average crossovers. It has gone long EUR/JPY at 137.10 with a stop at 136.55 and a profit target at 138.20.
Short-term model going long EUR/JPY
Source: www.forexlive.com
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EUR/USD technicals
Not much in the way of support until the 20-day MA at 1.3890 but it is the previous low at 1.3800 and the 38.2% retracement at 1.3780 which provide the stronger base. Resistance levels are also scarce until 1.4050/65, a prior high/low...