I usually form my opinion about where the currency might go by initially watching how it reacts to the news. At 9:45 PM there was the BIG movement from 1.31856 to the High at 1.32949.
Those are facts. By 3:00 AM EST we had moved back to 1.3222 a previous resistance. Then Europe opened and Money Flow and Perceptions form. EUR/USD moved to 1.32853 near 4:15 AM so at that point it is not getting stronger from initial reaction which also covered shorts being closed. Then at 6:30 AM we touched 1.32048 and once North American Retail come on board we are at 1.3219.
What logical reason is there to think it will challenge 1.33000 in the next few hours ?
My reply is I do not care where it goes since my bias is just based on my observations. My observations NOW say EUR/USD is still weak so where do I short it ?
I did a trade at 4:17 AM shorting at 1.32808 as I saw it was not going to challenge 1.3300.
Now I will watch the direction of the markets and the money flow that will move the charts. Have a good trading day.
The US 2 Year US Bonds are Yielding .29% and the 10 Year US Bond is Yielding 2.02% so with Gold moving towards $1,750 US and with Europe down now and Dow up 34 I see some Risk On YET EUR/USD is NOT moving up at the moment.
Good Decision Rod Smile !!!
Those are facts. By 3:00 AM EST we had moved back to 1.3222 a previous resistance. Then Europe opened and Money Flow and Perceptions form. EUR/USD moved to 1.32853 near 4:15 AM so at that point it is not getting stronger from initial reaction which also covered shorts being closed. Then at 6:30 AM we touched 1.32048 and once North American Retail come on board we are at 1.3219.
What logical reason is there to think it will challenge 1.33000 in the next few hours ?
My reply is I do not care where it goes since my bias is just based on my observations. My observations NOW say EUR/USD is still weak so where do I short it ?
I did a trade at 4:17 AM shorting at 1.32808 as I saw it was not going to challenge 1.3300.
Now I will watch the direction of the markets and the money flow that will move the charts. Have a good trading day.
The US 2 Year US Bonds are Yielding .29% and the 10 Year US Bond is Yielding 2.02% so with Gold moving towards $1,750 US and with Europe down now and Dow up 34 I see some Risk On YET EUR/USD is NOT moving up at the moment.
Good Decision Rod Smile !!!