Dislikedlook at the forums every one is now a bear .... one little kiss resistance is not distribution . I doubt it anyway maybe this move has done what it purpose is.
for me I will be looking for any up moves to have weakness to confirm that this is a reversal playing out, but right now it is very odd for this move to happen in asia the day before fomc. almost 120 pip move ending in shake out on 30 min eu and stopping vol gu 30 min . I am not sure that they are not done with this yet.
1.5700 seems to be the critical support level on weeklyIgnored
From a fundamental standpoint, it's common knowledge that Japan's economy is in deep shit.....UK isn't in quite so deep, but it's still giving cause for concern. EZ we all know about. Doesn't matter how Trichet dresses it up, EZ has a long way to go yet. So, I see the euro as getting to the point of being overvalued against the greenback....same for cable. The Yen is way overvalued against the greenback as we all know. Now, is the USA economy any worse that Japan, EZ or UK? I think not.
I'm not a bear yet, I need something more, which is why I'm keeping an eye on your thread. I don't have such a good understanding of volume that I am prepared to trade because of it, but it is very interesting and perhaps it will show confluence (or not) with what I have been thinking.
I'm not going to enter anything long term until after FOMC, but I think that the announcement will make or break this recent pa....I hope it helps to restore some sense to the currency values and ignores the talking heads rhetoric/bullshit!
Doing what you like is Freedom. Liking what you do is Happiness.