DislikedHere's a chart form 3/5/2209
NFP Anouncement - a big mover across all markets.
A counter reaction on these moves are a very common pattern to follow.Ignored
I hope you don't mind me poking my nose in here, but seeing your chart makes me remember why I spent NFP Friday painting and not trading.
As you can see, the initial reaction to the NFP announcement was a fast surge up for the Euro. And then, it reverses.....it seems this is the pattern anymore. I cannot tell you how many of these days tend to end up right where they started lately. It's just not worth it for someone like me.
However, I have a two theories as to what's pushing this:
1 - Those spikes at the announcement? Those are home-gamers. Throwing the market around in illiquid times. Those are the amateurs behaving well, like amateurs. It takes less to push price up when there aren't the usual amount of sellers. (Think about that for a minute people.) This is what a spike essentially is. (Under most conditions.)
2 - I think we are starting to see a significant change in behavior. I think trading the news is really not in vogue like it was a few years ago, so it essentially ends in a stalemate these days.
Also, the U.S. Dollar is clearly a safe-haven currency these days. So bad numbers create a demand for the Dollar. (Think Treasuries) So the news traders are getting pissed off because "It's not doing what it should!"
Just a few thoughts your chart made me think of.
Feel free to remove this is I took things off-topic too much!
CW