DislikedHonestly couldn't say. I agree with acumen tho that some retracement is likely, and I'll probably be a little nervous if we don't get it... In fact, I know I will. The other thing is that retrace or not, i think some degree of consolidation is most likely.
Most of these major pairs are in some degree of exhaustion imo. Most of them have turned multi hundred or even multi thousand pip rounds in a few cases in a few days. At some point even the big dogs have to take a moment and digest the action... It will be harder and harder to make or sustain new highs or new lows until things catch a new wind. that's my opinion only of course.
If I'm wrong, rest assured I plan to trade the bejabbers out of it every pip either way...
The caution at this point imo, is that we begin to see moves where there really aren't any... hence my previous post a bit ago. If by the end of this week, we've all got cabin fever, and we're threatening to go get a job instead of stare at the screen for another week... then i expect the games are about to begin anew.
That said, obviously my bias is down, and I'm keeping my longer term shorts open as most of the profits are already locked in. The close markets add a quirk into this as well. Won't bother me a bit to stand aside alot this week. Got nothin to prove and everything to lose. As easy as makin 'em was last week, it'll be even easier to give 'em back this week. Mark my words.
So to answer your question, my best guess is somewhere a'rd where we are right now or a bit higher even, and that's not based on any chart, but the total range of PA.
PS That little toe dipper short from 3620 just cracked an even 160 pips a few minutes ago. If ANYBODY has paid ANY attention at all to Acumens posts on that number they should have been in that trade, even if just a little bit. It's not always rocket science...Ignored
Too much volatility.
Light weight traders behind the moves.
First real trading session will be tomorrow's EURO session.
Sleep, blog, read, learn, demo trade... but be patient... no need to risk capital on this nonsense.
First priority is always capital preservation.
Mike