The EURUSD is finding support against the underside of the broken trendline at the 1.3676 currently. On the topside the 100 and 200 hour MA found sellers. Traders playing the ranges in the uncertain environment. US weak. EU weak.
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US weak, Euro weak.
Risk appetite will not be there. So opposite?
If no risk appetite than the EURUSD has been moving lower in recent time. If there is risk appetite, than the EURUSD has been moving higher. That has been the market reaction.
I wanted to be long after 100hr MA was tested and went long. However the loss is not much. I took the loss when it revesed at 100hr MA. and I took short immediately and compensated the loss after partially booking the profit. Rest of short still running.
Lucky escape on long !!
Market action is choppy now….Greg
Low hanging fruit at the week open gap , could that have caused the uncertainty here and resistance here in the first two days of this week? In addition the meeting and fed seem to add to the chop. All this said, would it be a reasonable assumption that once all this is factored out, the trend will continue to the downside?
Stay below the 100 and 200 hour MA keep the downside the preferred bias for the pair. Trade location is most important in these up and down markets now as it can get very frustrating with ranges if looking for too much. Makes risk/reward difficult.
I came across this article. What effect this will have?
http://www.cnbc.com/id/44601008
Unprecedented move. The Fed was not likely to do QE3 today. It is more likely to do the so called Operation Twist whereby they adjust their balance sheet to keep rates low across the curve.
I understand. so QE3 or no QE3 are same.
The Fed in the past has telegraphed the QE3. It is not the case today so I don’t expect them to do it. By doing the twist strategy they are looking to keep rates low at the long end of the yield curve. They already said that short term rates would remain low for an extended period of time (through 2013). These types of days are influenced by what stocks do. They also are influenced by the technicals. I will be doing a video shortly that will outline the key levels to target for today for the majors.
Thanks i will look forward to the video.
The way eurusd pushing up…… it gives me early indication that traders expect positive from FED.
But if FED disappoints, it is very good opportunity for sellers.
So is positive from the Fed QE3? That is what the stock market likes and what leads to the risk pairs. I don’t know. It did fill the gap….
Many know there will not be QE3 and just pushing up to drop ! This has happened in the past.
Risk/reward will be high.
And considering daily high of 1.3755, it has reason to drop too technically unless it makes a new high today.
well….. new high
High/low is 147 pips today. This pair has daily average of 152 pips.
gap filled and now what?
FOMC decision and fireworks from it….
is it possible with congress bashing fed and EU counties trying to negotiate and compromise…..hmmm interesting concept…..that the markets are lacking confidence in the USD?
yes could be….Josh..
RR is very high………………………… lol
Booked profits partially with very good RR. Balance targer 1.3628,
My patience is not that great. I booked balance profits too at 1.3650
Greg,
I have a question, when risk is off, usd will strenthen, ok, but what about gold? why this is falling too?
Dollar up/Gold down. It also held the 200 hour MA three times.
I could’nt resist re – entering to make more profits. I thought 1.3585 will hold for the time being, but no. Came out at 1.3568.
EU failed to go through the 1.3407 so do we now look for an upward trend?
Needless to say the price bounced off that low we know about. It was a key level. The move above the close was the next target. They the 1.34717 level It just tested the next target at the 1.3500 level where the 100 and 200 bar MA on the 5 minute are found. This is a borderline which should solicit some profit taking but overall, the quick bounce higher took price above successive resistance areas. Now they become support. As a result, I think that there should be buyers on dips with 1.34717 being the key support level now. A move above the 1.3500-04 should solicit more short covering.
Are there buyers? Any one seeing reason to buy?
I thought it is just short covering. and ready to go next leg down…… if not today on sunday open.
There is chatter from officials, but stocks rebounded and shorts got squeezed. The stocks are now down and gold its also not bouncing. So may not continue.
we want trending market to make money. Let eurusd to follow one direction.
70/80 pips bounce ok, but not more than that we need. lol
in power trader, is there a lot of money indicated on the way down sitting? or can you tell? the 1.34717 seems to be getting weak eh senior? if it breaks where to? 1.3400?
Josh.. The downside is looking better. In my last post on the EURUSD had the 1.3459-71 level as support. That is the close from yesterday. 1.3471 was a level used today by traders (see prior posts). The pair looks vulnerable heading into the weekend.
Had a wonderful sunday evening. 433 +
655 +