Hi everybody!
From my humble point of view, the EUR/USD pair seems to be in the process of finishing a normal distribution. Something tells me we're getting close to something big happening. The market was at first chock-full of initiating activity - mostly buying above value. Now, we've been reduced to responsive activity - buying & selling both above and below value. This is the last 8 weeks worth of profiles. It seems to be bottle-necking.
Just looking at the last 8 weeks it seems that any attempts made by responsive sellers have been met with competition from responsive buyers. There's no innovators out there for the selling side of the equation. Last week and this week are both sporting selling tails (this week = 20 pip tail) - evidence that a responsive seller still exists. Prices are riding up a very discernible line here; I have a feeling if that line is breached, we may be in for some corrective action on a big scale. On the flip side, if we can breach 1.45 and meet some more initiative buyers, we may be due for some new yearly highs.
One thing I'm keeping in mind is this; 1.45 is a stiff barrier and the this week's range is only about 50% of the average range for this 8 week period so, given the selling tail I'm wondering if this week's low has actually been established yet OR if this week will be neutral.
Missed you all!
Work, moved (got a house, YAY!), and needed time to "find my center and realign my chi"
From my humble point of view, the EUR/USD pair seems to be in the process of finishing a normal distribution. Something tells me we're getting close to something big happening. The market was at first chock-full of initiating activity - mostly buying above value. Now, we've been reduced to responsive activity - buying & selling both above and below value. This is the last 8 weeks worth of profiles. It seems to be bottle-necking.
Just looking at the last 8 weeks it seems that any attempts made by responsive sellers have been met with competition from responsive buyers. There's no innovators out there for the selling side of the equation. Last week and this week are both sporting selling tails (this week = 20 pip tail) - evidence that a responsive seller still exists. Prices are riding up a very discernible line here; I have a feeling if that line is breached, we may be in for some corrective action on a big scale. On the flip side, if we can breach 1.45 and meet some more initiative buyers, we may be due for some new yearly highs.
One thing I'm keeping in mind is this; 1.45 is a stiff barrier and the this week's range is only about 50% of the average range for this 8 week period so, given the selling tail I'm wondering if this week's low has actually been established yet OR if this week will be neutral.
Missed you all!
Work, moved (got a house, YAY!), and needed time to "find my center and realign my chi"