EUR/USD our EUR will contine to head down on its merry way. And despite severely oversold. Better we trade EUR/USD and any EUR pairs rather than GBP. GBP/USD has the potential to out perform every pair but Wage data yesterday at 3.2% Annual and fastest pace since 2010 will contain GBP for many months. Then we have BOE speakers sounding confident about Rate hikes. That;s all it takes to force GBP into small ranges and travel nowhere as it did all last quarter. EUR is different. The drivers are pure fundamentals based on Greece, QE, EUR project.
EUR/USD Next below 1.0902 comes 1.0894. This is a big break mentioned yesterday. A break lower begins a new downtrend that takes EUR far lower. From 1.0894 then 1.0890, 1.0872, 1.0851, 1.0848, 1.0821. Then we begin focus on 1.0700 and 1.0600’s.
Above Points 1.0974, 1.1000, 1.1002, 1.1003. Big breaks above 1.1040 and 1.1127. 1.1040 remains stasis while 1.1127 is moving down slowly. Strategy is short, remain short, sell any rallies.
XIE XIE Singapore, dhanyavaad India, Dankjewel Netherlands, Muchas Gracias Spain, Tak Mange Tak Denmark, gamsahamnida South Korea, Shume faleminderit Albania. XIE XIE China ( Mandarin assumed), More to follow, many thank you’s to the many many readers, followers, friends. All should be in good profits. Many requests were filled as well, feel free for any currency requests, My arsenal is 400+ currency pairs.
Brian Twomey, Inside the Currency Market, btwomey.com