Hi all,
Although my bias is bearish on the EURUSD, we must realise that there is always volatile price action around significant resistance levels. 1.3400 is one.
Yes this could be a fakeout and road back to lower levels, and good FOMC announcement i.e. exiting QE could see retest of 1.2750 over longer time-frame (2 months or so).
I've had this opinion that the market is made of many price-zones. Also lead-up to news announcement is nothing but noise and news makes 80+ pip move breaking S/R putting us in next zone.. then more noise until the next news.. But thats all a bit cynical
Anyway, yesterday there was perfect bullish AB=CD pattern.
would expect a small retrace as we have had (shown as choppy action around 1.34), lead-up will be interesting, more risky than usual. but definately a rough patch.
FOMC expecting 200 pip
Although my bias is bearish on the EURUSD, we must realise that there is always volatile price action around significant resistance levels. 1.3400 is one.
Yes this could be a fakeout and road back to lower levels, and good FOMC announcement i.e. exiting QE could see retest of 1.2750 over longer time-frame (2 months or so).
I've had this opinion that the market is made of many price-zones. Also lead-up to news announcement is nothing but noise and news makes 80+ pip move breaking S/R putting us in next zone.. then more noise until the next news.. But thats all a bit cynical
Anyway, yesterday there was perfect bullish AB=CD pattern.
would expect a small retrace as we have had (shown as choppy action around 1.34), lead-up will be interesting, more risky than usual. but definately a rough patch.
FOMC expecting 200 pip
Even the worst trade can close with profit. Just give it time.