Last trades. EUR/USD Dead Stop and Reverse 1.1261, I said 1.1271. Then 1.1245 broke and 1.1217 to see lows 1.1196. GBP/USD, Dead Stop 1.5436, I mentioned 1.54 something to 1.5458. Then price reversed to 1.5395, I mentioned 1.5385 target. EUR/CAD Dead Stop 1.4906, my Target 1.4904. Then reversed to 1.4825, my Target 1.4829. Near perfect. Reason for the DXY post was to run through USD pairs especially CAD because its so volatile and we need to catch those moves. I thoroughly understand what USD is all about, what triggers movements, how far, how fast, direction, points to trade, take profits. The DXY is the DXY and has its purpose but its not CAD, JPY, CHF. Anything with USD as first position will be reported to trade.
Not much changed in EUR/USD and its why this report is so late this morning. The ECB was undecided on next moves and its still that way. We won’t know more in direction terms until this afternoon. The direction overall is down, that we know. But how much, how far and how fast is learned by numbers. But We generally know over the weekend but the necessary data wasn’t released.
EUR/USD. Bottom. 1.1158. Range break above, 1.1331, 1.1338. Below 1.1099, 1.1047. Overbought sell point 1.1272. Then reverse short to 1.1243 and lower to break 1.1215. Points on the way up, 1.1219, 1.1231, 1.1243, 1.1257, 1.1272.
Break of 1.1214, Targets 1.1186.
Brian Twomey, Inside the Currency Market, btwomey.com