The EURUSD is falling sharply once again and moves toward the double bottom support area at the 1.3444-51 area. A break of this level will next target the 1.3423 level which was the low from May 18th. On the topside, resistance now comes in at the 1.3506 level (original low for the day).
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Thursday going into Friday last week I was so close to closing out my short positions in EUR/USD and EUR/JPY… But I sat patiently instead and it worked out just great… Rule number 1… never panic! Hehe.
Entry is important, sometimes on retracement we get caught.
Once the trend resumes, then it is the time to re enter.
Thanks for the tip… I’m still learning…
)
I think I am having deja vu.. buy limit triggered at 1.3483 last week and yet again this week.
Oh and I like the new logo. Very sleek.
The market does “remember” and so did you….Thanks on logo…Greg
Greg,
Today in the europeon session, this pair made new low but rebounded sharply to 1.3550 area.
Non trending for last few days, shall we see more choppy sessions?
The market has a lot to digest over the next few days. Greece. interest Rate decision on Thursday. Then Non-Farm Payroll on Friday. So there is a lot to get through. I would expect a move away from these levels.
Greg,
When you say “move away from these levels” does that mean up or down? I think that the EUR/USD is still in a downward trend looking at it in the long term.
If above the 100 and 200 bar MA bullish. IF below bearish. It seems like the world is saying bearish but it may not neccesarily be that way. As you know, I follow the technicals. Right now the 100 and 200 bar MA on the hourly chart are starting to convervge at the same level with the price. This is the Three’s Company scenario and when they get together the market price looks to trend away. Which way is dependent on what happens. I don’t know what will happen with Greece (I think they will find some solution as most try to solve problems with solution and the world is watching), what the ECB will say, what the Unemployment data will show on Friday. But if I follow the technicals, it will hopefully tell the story.