The 1.20 level was a psychological and technically important one
We look toi have had some resolution of the 1.20-1.21 range with waht looks to be a solid break through 1.20. The most important aspet about this move is that we’ve already had confirmation of the break as 1.20 has now become resistance almost instantly.
EURUSD 15m chart
That sort of confirmation is very important when looking at break trading. For now, 1.20 resistance will be steadily building and no doubt stops will be building also from break shorts.
We are now faced with the prospect of seeing the euro push lower. I see no decent possible support traffic until the 1.1960/68 and then the 1.1935/45 area.
EURUSD H4 chart
There’s been some USD strength through Asia and this morning but it’s not that widespread and it looks like the yen crosses have been aiding the falls in the majors too. There’s no news behind the moves so what we’re seeing is just some ranging, and as Patrick has just prompted, if it can’t go up, there’s only only one way it can go. So, play the levels as they are and don’t over-commit to any trades. We may still return back to 1.20 if this tide turns so watch the PA and trade accordingly.
Philosophy: “Don’t be a Dick for a tick”
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hei ryan you said waiting for big dip to buy it but watch out for iialian election and german coalition it could very ugly see you @ the french election gap … thank you for the trade last year
Hi Harry.
I think German politics will sort itself out without much fuss, that’s the German way.
Italy will be fun and games as usual but Berlusconi’s comments today greatly reduce any exit talk fears.
A decent dip will be around the 1.17 area so I’m not eager to jump in just yet. With volatility so low right now I’m mainly looking to just job trades off of the stronger intraday levels.
i dont trust berlusconi i think m5s will stunn the italians … maybe it is just me
It’s looking tight.