The dollar bounces back (in most cases, (USDCAD aside))

There’s often no stronger signal than a price making a new day’s high followed by a reversal to then break the day’s low. That’s what we’re seeing in EURUSD right now. We’re still in this 1.20-1.21 range and this move could well see a test of 1.20 soon.

EURUSD 15m chart

However, in the same way that the high petered out short of yesterday’s high could mean that this fall might start stalling into somewhere around 1.2010/20, and we then find ourselves within a new intraday range. The US data wasn’t a game changer in any way so we shouldn’t really expect the same in the dollar. Let the price action be our guide though.

Ryan Littlestone

Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”

Read how Ryan got into trading here
Ryan Littlestone

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