Easy to trade when you pick the right side of the trend, Euro usually bullish into news on speculation, I would be careful shorting it ,pullbacks are pretty risky on an uptrend, safer to go long on dips, but everyone trade different.
Yes its below the MAs on the lower time frames that's time to play safe wait till its back above for Longs, Its probably going to bounce off 070 then go lower to knock out stops, check option expiry for today on EUR.
EUR/USD - It seems Head and Shoulders technical formation on 1H chart, but having in mind that this is the last trading day before the elections in France, most likely this market will be really volatile especially after US opening. The general question is: which direction EUR/USD will go? More clearance - after the results from elections :)
Broke below 070 which I was talking about a few days ago, I would like to see at least 200 points below 070 before Id think of going long, I think it wont move to far away from 070 today. I don't expect much of a move on eur/usd today, eur/gbp will be shaky coming into the close.
snapdragon1970 posted: Broke below 070 which I was talking about a few days ago, I would like to see at least 200 points below 070 before Id think of going long, I think it wont move to far away from 070 today. I don't expect much of a move on eur/usd today, eur/gbp will be shaky coming into the close.
That's what I taught when trading eur/usd by the eur/usd trader on Barclays desk ;) near a support area like 070 has been, its to take out stops which for eur/usd is 180-200 points ,that's for a bullish trend , its not difficult to know where most set their stops so its profitable to sell down to that area and re enter Long at a cheaper price.
EUR/USD - So far the zone around 1.0900/10 would serve as a resistance. I expect to have test there and most likely the price will bounced from the resistance. In case of break over 1.0920/30 , then a quick movement to 1.0980/90 would be expected.
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