The USD side dictates all EUR moves, no help whatsoever from the ECB although I noticed last week ranges were opening wider. The full top was located at 1.1759, price hit 1.1710. In terms of location, a move of this caliber exceeded the most volatile of a Non Farm Payroll day. I’ve seen this happen one time before in the last Oh many many months since I’ve been working with this current model. Its a rare, rare event in currency trading prices that is just not seen. 1.1394 was the big number from Sunday’s post and the 1.1307 Bottom that saw Euro make this move. Further 1.1428 and 1.1487 also assisted as well as the 1.1508 range top. I missed Sunday night’s post and I didn’t like the location of the current Eur price at the time of last post. A full bio is on site for interested and its my assumption why I see Google searches.
EUR/USD. Bottom. 1.1509. Range break above 1.1713, Below 1.1423. Further out 1.1223 and 1.1220 will be mentioned on a correction.
Strategy. Longs above 1.1568, target 1.1619 – 1.1646, 1.1674. Reverse short in the target area. Points on the way up, 1.1571, 1.1583, 1596, 1.1619. Shorts below 1.1567, target 1.1538, Look for possible reversal long here. Points on the way down, 1.1564, 1.1552, 1.1540, 1.1538, 1.1523, 1.1509 Bottom. A Bottom ever breaks stay in the trade, any trade, any Bottom.
Brian Twomey Inside the Currency Market, btwomey.com