Post-CPI update.
Earlier today, I browsed through some posts on this thread, sensing some eagerness among our friends here on shorting this pair. I didn't say anything, as that would be inappropriate. I don't intervene on other people's trading plan, because I respect everyone has their own way of doing things.
Now, I just wanted to point out something after observing the price action for 45 minutes, post-CPI. This thing has leg, and it can run, fast. It's approaching year-end, trading volume is going to be thin starting next week, so prices can move in very dramatic ways.
The last CPI (Nov '22) saw price bounced off the 50-SMA on H4 chart. Based on the Fib level, now drawn from last major drop to 0.955 (0%), retraces back to 1.077 (100%). I just reversed the Fib to show that price did bounce off the 61% Fib on Nov 30 (2nd chart). That 1.03 level could now be a near term support, until 2023.
See you tomorrow for FOMC, and Thursday for ECB. Trade well and stay safe.
Earlier today, I browsed through some posts on this thread, sensing some eagerness among our friends here on shorting this pair. I didn't say anything, as that would be inappropriate. I don't intervene on other people's trading plan, because I respect everyone has their own way of doing things.
Now, I just wanted to point out something after observing the price action for 45 minutes, post-CPI. This thing has leg, and it can run, fast. It's approaching year-end, trading volume is going to be thin starting next week, so prices can move in very dramatic ways.
The last CPI (Nov '22) saw price bounced off the 50-SMA on H4 chart. Based on the Fib level, now drawn from last major drop to 0.955 (0%), retraces back to 1.077 (100%). I just reversed the Fib to show that price did bounce off the 61% Fib on Nov 30 (2nd chart). That 1.03 level could now be a near term support, until 2023.
See you tomorrow for FOMC, and Thursday for ECB. Trade well and stay safe.
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