If prices take off before a post then the post becomes a mute point. I can’t write a forecast after the fact. More of the same here is expected. We remain committed to EUR pairs, GBP is still not worth the trouble. EUR/USD slid 200 pips, GBP/USD dropped 70. See what I been saying about GBP. AUD and NZD are not thrilling either. AUD is dead stuck in its ranges. NZD sits on monster supports. On the economic side, GDP for NZD, AUD, UK, USD will post shortly. USD unemployment will post as I have data dating to 1948 inception. I’m interested in EUR/USD Correlations Vs Gold/Silver Ratios. Silver Correlations Vs EUR/USD shockingly failed. I want to view Gold and EUR/USD but Gold in USD terms, maybe EUR, depending on findings.
This morning post and on investing.com, I reported 1.0895 as the big break to see EUR/USD lower. Those points are found exactly at 1.0870, 1.0844, 1.0822 so far, so far. The bottom for now holds at 1.0672. Big break points above remain at 1.1154, 1.1220, 1.1595 and dynamic 1.1385. The overall range today and possibly next day is 50 pips. This is a severe decline and could mean the next day or so will be slow moving.
EUR/USD. Bottom. 1.0954. Range break above 1.1151, Below 1.0870, 1.0844, 1.0822. Overbought sell point 1.1046, Failure point 1.1028. Strategy. Longs above 1.1011, target 1.1046 then reverse to 1.1027. Points on the way up, 1.1015, 1.1020, 1.1028, 1.1037, 1.1046.
Shorts below 1.1009, Target 1.0982. Watch here for reversal to 1.1009 and higher. Points on the way down, 1.1000, 1.0991, 1.0983, 1.0975, 1.0968, 1.0954 Bottom. Point 1.0982 must cross to go higher.
Brian Twomey, Inside the Currency Market, btwomey.com