Inside the Currency Market: EUR/USD

Morning trades, EUR/NZD short 1.7050 – 1.6972 +78, EUR/USD short 1.1252 – 1.1238 + 14, Total + 92.

More points and reversals added due to Fed Minutes at 2:00. Mention of economy good, raise rates on track, majority in favor to raise then EUR/USD drops like a rock. Big points remain 1.1175 and 1.1138 currently, these lines move so correct updates here.

EUR/USD. Bottom. 1.1228. Range break above 1.1350, 1.1431, Below 1.1219, 1.1140. Overbought sell point 1.1344 Normal, Failure point 1.1316. Fed Insanity, 1.1367, 1.1403, 1.1433. Channel top 1.1462. This point 1.1462 will not break. Strategy. Longs above 1.1286, target 1.1344 then reverse to 1.1315, At 1.1315 reverse to 1.1301, at 1.1367 reverse to 1.1326. Points on the way up, 1.1290, 1.1303, 1.1316, 1.1330, 1.1344, 1.1367, 1.1403.

Shorts below 1.1284, Target 1.1256. Watch here for reversal to 1.1284 and higher. Points on the way down, 1.1279, 1.1265, 1.1257, 1.1249, 1.1242, 1.1228 Bottom. Bottom breaks at 1.1228 then 1.1219 is next. On a day as Fed Day, it could break easily if 1.1228 breaks. Point 1.1256 however must cross to go higher, that point doesn’t change.

GBP/USD 1.5328 big break above,

Brian Twomey, Inside the Currency Market, btwomey.com

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