This sort of movement in EURUSD is my worst nightmare and i knew that this was a market to avoid this morning but did i listen to myself ? No and i paid the price being stopped out....-first we clawed our way upto 1.3620 then down to 1.36 figure and so on with choppy rallies and sell-offs all caused by bits of fundamentals. All of this however shows that there is change on the way. No longer are we trending so strongly downwards are we are seeing price get congested around 1.3600. I suspect we will break lower this afternoon.
So whats going on? The RL in the DX i believe is now past us and now the pattern on EURUSD looks like we are going lower to test the 1.3570 level and then 1.3550 & possibly 1.3500. When i look at the charts i cant see one area stand out to me yet for potential support except just below 1.3550 at around 1.3535-40 ( see RL from the large blue DS fork in MT chart). I am re-evaluating my other charts and looking for other long term RL's so will post them as soon as i have some other candidates. There is now a fundamental shift ...stronger $, lower equities & gold
I guess the news on Ireland crisis is making this very hard to trade. I am though, still at the bearish side of eurusd. But I'm careful since there is a hiccup in 4 Hour.
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