Good morning all. Welcome to Jumpy June.
It seems that the RBA rate cut, RBA rate statement and the Spanish FinMin comments have taken their toll on risk sentiment once again. Will this slide downwards continue and set new lows? I believe so. Remember I still have 1.2235 in my sights.
Looking at the H4 chart, it seems that despite the falling channel resistance that held so well yesterday, prce still managed to pop upward to hit my original shorting target at 1.2525 (the previously broken but yet to be re-tested 261.8 Fibo). Why oh why did I move my sell limit lower? I guess greed got the better of me Oh well... All's well that ends well.
Now this is far from confirming a return to new lows. Friday's price action created both a new low and a new high compared to Thursday which is a classic outside reversal signal and chartists will be banking on that to give them their bullish reversal. So we still have some challenges ahead of us to get back into bear territory. Therefore I shall defer my celebration until price manages to break and hold below the 1.2380 area... preferably on a daily candle close basis.
Stay sharp today. This could remain jumpy.
E/U H4
It seems that the RBA rate cut, RBA rate statement and the Spanish FinMin comments have taken their toll on risk sentiment once again. Will this slide downwards continue and set new lows? I believe so. Remember I still have 1.2235 in my sights.
Looking at the H4 chart, it seems that despite the falling channel resistance that held so well yesterday, prce still managed to pop upward to hit my original shorting target at 1.2525 (the previously broken but yet to be re-tested 261.8 Fibo). Why oh why did I move my sell limit lower? I guess greed got the better of me Oh well... All's well that ends well.
Now this is far from confirming a return to new lows. Friday's price action created both a new low and a new high compared to Thursday which is a classic outside reversal signal and chartists will be banking on that to give them their bullish reversal. So we still have some challenges ahead of us to get back into bear territory. Therefore I shall defer my celebration until price manages to break and hold below the 1.2380 area... preferably on a daily candle close basis.
Stay sharp today. This could remain jumpy.
E/U H4
Those who say it cannot be done should not interrupt those who are doing it