Playing some rotation from USD to EUR via the cross
I was already looking at the AUDUSD to be short ahead of the 0.7880/00 resistance as mentioned before and trying to find a EURUSD bottom. Well the Chinese comments took me over the edge to
go into EURAUD long. I waited for the rebound to start to have some shape through 1.5287. The rationale is that , even if China doesn’t unwind a load of USD bonds right ow and shoot themselves in the foot, there will some reflection about a possible rotation deriving from even a minor switch. That rotation would logically go for the main part into EURO, the second most important Foreign currency in the books.
I will abandon ship either on a move back through 1.5235 low of today or add through a 1.5345, first fib level, break for a look into the next
at 1.5435
EURAUD H4 10.01.2018
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I’m in too K-man. As for the stop I might have it a bit larger to see if 1.522/1.518 hold, it’s kind of an important level. Maybe adding there in case and get out at a bounce.
https://uploads.disquscdn.com/images/d38196bf462e44054370a4bb4ddfe723d728bc0d2a93b57ad9a0a04ccf12ff80.png
Anyway I could decide on the out any moment or job in/out as usual also by looking at AUDUSD and EURUSD.