EUR/USD Dead stop 1.1288, yesterday reported 1.1288. What does it mean. Europe just opened so we are still working on yesterday’s price structure. That structure holds until 6 am New York time. A violation of 1.1288 by even 1 pip means a bank price transaction occurred outside of 1.1288 and outside of the overnight market. And it occurred in Europe because price took us to top of the overnight range during Europe trading. A range found between 1.1197 – 1.1288. The only location for a violation of 1.1288 to occur is in the monthlies. But monthlies could be anywhere from 1 month to 1 year so we can’t pinpoint exactly. In the overnight market, Beijing, Seoul and Manila took the Eur higher but still within the range. Tokyo, Singapore, jakarta and Mumbai took EUR prices lower but still within the range. Violation of 1.1288 means an adjustment of the price structure to look longer term must be viewed and those prices are found at 1.1356 and 1.1365.
Brian Twomey Inside the Currency Market, btwomey.com