Well here we are at the 1.3700-1.3730 area after a rather active last 12hrs and a low around 1.3573. I am pleased to say i had a bit of the upward action/ reaction this morning as the London session opened but now am out flat and extrememly concerned that this market could fall rapidly just as we all are looking for a nice little long entry. Price action looks very nervous -Obviously not at all like what we have been used to recently with the Euro and the pattern of very quick and steep "peaks & valleys" ie, oscillating. Progress seems to be very laboured and painful. I am extremely wary but see some upside still to come if we can break through the RL in the MT charts ( below) and YES, the fork is not drawn correctly as per Andrews BUT i have recently read an article from one of the well known US Futures magazines( i will post it this weekend) about reaction lines and after wondered why is P0 always behind P1&P2? Would the fork work?What is the relationship if we take time out of the equation with say range bars, tick charts etc... More to the point would the RL's work? The answer is yes and yes! See for yourself below...the RL's work perfectly( see the low 1 min TF) and i suggest you try it yourself.
Re the Euro i am being extremely cautious. Full stop!
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