DislikedEU Comment:
Yesterday Sonic pointed out the 1.306x support area as the area for PA to break down thru, to show good bearishness. The break down came late in the day. Since then, PA has back tested local resistance in the same area. And the Dragon is now resuming good down angle. However, there are over six hours to go until the LO. And almost twelve hours to go to the USD high impact release. What if a setup occurs prior?
No one knows what BM (Big Money) is going to do today, or when. It is a reasonable bet though that even if PA forms...Ignored
The bears are putting on some of their ensnaring bull action already. There are still hours to go until the major impact releases, which means there is plenty of time for the bears to establish a higher price (for their shorting) and let PA stay there until the releases. It is unlikely whatever higher price levels are achieved before the releases will be the highest levels of the day. My bet is the bears will save the highest prices for later, to be hit in conjunction with the releases, some time afterwards, because that would give them the opportunity to hit the stops on a lot of shorts others entered into prematurely today. The upper whole number, even RDH could be reached if the bears decide it is to be so in order to clean out "weak hand" shorts, and use that liquidity to get their own short orders filled at the highs.