Price did stage a rally, so I returned this morning to watch the show.
I closed one trade just now, when price reached 1.0474, on that highest price position I entered at 1.0111, gaining 360 pips.
Gains aside, I think it's fair to say this rally cannot just keep going on without retracing. It'll retrace. I'm fine if EURUSD wants to test 1.077, but I think it'll have to try to dip down to the ascending 50-SMA to show that there was indeed no sellers willing to push price to parity again. NFP later this week, and Fed sentiments can change things very quickly.
Drawing a Fib retrace from 1.061, the one I used since Sep '22, we can see price had breached the 61% at 1.045, and attempted to rise above the 50% at 1.049. 38% is at 1.052 and 23% at 1.055, completing the retracement would bring us back to 1.061. the price last seen before July 4th US holiday.
I closed one trade just now, when price reached 1.0474, on that highest price position I entered at 1.0111, gaining 360 pips.
Gains aside, I think it's fair to say this rally cannot just keep going on without retracing. It'll retrace. I'm fine if EURUSD wants to test 1.077, but I think it'll have to try to dip down to the ascending 50-SMA to show that there was indeed no sellers willing to push price to parity again. NFP later this week, and Fed sentiments can change things very quickly.
Drawing a Fib retrace from 1.061, the one I used since Sep '22, we can see price had breached the 61% at 1.045, and attempted to rise above the 50% at 1.049. 38% is at 1.052 and 23% at 1.055, completing the retracement would bring us back to 1.061. the price last seen before July 4th US holiday.
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