To me it looks like support has become resistance and prices have bounced off? Short at 1.4941 sl 1.4985
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To me it looks like support has become resistance and prices have bounced off? Short at 1.4941 sl 1.4985
>>>>>>>>
After 4 weeks of tracking south I guess there's always an element of 'reversal denial' and nobody is too keen to step in front of a freight train. ;)
tried a long there arco but stopped out for a few
im thinking one final move lower , daily fx got this down as a 4 before a final move down to
complete.
Today seems to be an inside day indicating indecision, has support finally kicked in?
It's running mate eur/jpy may be turning north around 162.50,hourly and 15min charts,trying anyway.
Cheers
Miner
Hi Miner
Good to see you back on the job :D
Yes, Euro's trying to make a turn, and as DB mentioned it may be
printing a wave 4.
1 hour and 4 hour made a higher low, so lets
see if that opens the way for more northward movement
Rgds - arco
Tonight Eurozone CPI around 9.00 pm
.........and tomorrow we have US Core CPI @ 12.30 pm which is an inflation indicator and usually makes Euro jump...........but which way :rolleyes:
News traders can have a go.........either way
Northbound turn not confirmed yet....awaiting the 12.30 news with interest.
From Reuters
NEW YORK (Reuters) - The U.S. dollar rallied to an almost six-month high against the euro on Thursday amid growing concern over euro zone economic weakness and accelerating inflation in the United States.
Traders sold the euro after reports showed contraction in the euro zone's economy in the second quarter. The euro zone single currency accelerated its losses and fell below $1.48 after it broke through key technical levels, analysts said.
Government data showed U.S. consumer prices rose at twice the rate expected in July. Analysts said higher prices in the short term may help boost the case for interest rate hikes by the Federal Reserve, although they warned that over time, inflation would hurt the economy.
"What you have is a clear change in scenario, and a very rapid one," said Joseph Trevisani, market analyst at FX Solutions in Saddle River, New Jersey, adding:
"One leads to perhaps a higher chance of a rate cut (in the euro zone), and the other leads to perhaps a higher chance of an American rate hike at some point," he added. "The scenario is just starting to diverge both sides to the benefit of the dollar."
In late afternoon trading in New York, the euro was 0.8 percent lower at $1.4807, after falling as low as $1.4779, the lowest since late February, according to Reuters data. The European currency is now more than 10 cents below a record high of $1.6038 struck in July.
The dollar index, which measures the value of the greenback against a basket of six currencies, rose for a 10th consecutive session to hit a six-month high of 76.823. It was last 0.5 percent higher at 76.652.
Full article
http://uk.reuters.com/article/market...&&pageNumber=2
Annoying. Stop got cleaned out before the move downwards. Ugh!
Long with a supa tight stop on this one to,probably toast if it doesn't go this hour.
Cheers
miner
9.pm tonight
Might give a jolt to the market. (For scalpers and direction seekers).
Possible BF on H1.
GTA - arco
They don't get much more perfect than that. Could be a little bitQuote:
Post #716. Possible BF on H1.
more steam left yet.
Nice result +150 so far.
arco
Hello Bilo
Possibly in the medium/longer term, but with such a large fall there always comes a retracement which often tests old supports for change of polarity. So we need to pay attention to the signals that appear and act accordingly.
I'm expecting some resistance around 4815-30, so we'll see what transpires after that
rgds - arco