A few hang ons in these violent days.
Anything can happen in these swinging markets, the opinions this morning are somewhere 50/50 between ” we’ve had the shake out ” and ” this is far from over”.
Since we don’t know what the day will be made off we can look at what the price action told us over the past 48 odd hours and pick levels of interest regardless of how nervous or not the big boys will be .
3 short thoughts:
1.EURJPY broke some fibs but not the latest rise support line , stopped actually right on it .I traded it smalls opportunistically into the support last night with some success.I didn’t leave the position unattended while sleeping so I missed the last spike up to 135.80 but still managed to make some dough.
For the day I’m looking at trading the fibo’s created by the last 48 hours drop as seen on the M30 .135.80 and 134.80 being my first levels for attention.
2. EURGBP: As mentioned before I am trading this pair from the long side since the break under 0.8735 didn’t last long and to me we’re still in a broad 0.8735-0.9050 range.
EURGBP is steadily bid for now, not (only ) talking my book but just looking at how it behaved through the turmoil yesterday , it at best didn’t move but never made a move back below 0.8735/40 even when eurusd made the 1.2380/85 brk lower. We’re now looking at an 0.8895 resistance , if we manage to break , 0.8925 will be the next objective where I look to tp .Stop has been trailed to just below the Fib level @ 0.8861 as a move below will create a bearish stick.
3. EURCHF :And that’s less pure chart driven but still we have some rough anchor points. The violence of the risk off moves took us below the 1.1530/50 support zone a few times for a few hours but we’re back above. Mine and a few other people are still of the conviction that SNB is not letting this pair go out of control and the 1.15 lvl seems like their line in the sand for now. That will be mine too . Topside we have 1.1630 (100DMA) to lean against or look for a break up to 1.1690. As long as the equity and bond markets wobble I’ll be trading the range but once we settle down I can see this pari gradually creep back to level seen the past weeks around the 1.18. Below 1.1475 rien ne va plus.
Stay safe and happy hunting
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