Today’s EUR/USD long target and sell point posted at 7:00 am was 1.0671. EUR/USD achieved 1.0667 in the 11:00 am hour and target was off by 4 pips. Once 1.0649 broke in the 10:00 hour then EUR/USD target was inevitable.
On the reported reverse from 1.0671, target at 1.0653 achieved in seconds. EUR/USD then struggled for 30 minutes in the lower 1.0650’s before it broke lower. Most important points were 1.0617, 1.0629, 1.0649 and 1.0660.
Pre June before the structural price changes imposed on markets by central banks, from entry to long target and reverse to support, the trade would’ve been done in 1 to even 2 hours at most. EUR/USD or any currency pair price would’ve flew to target and reversed then rested. The trade was then done. Perform this operation for 3 or 5 currency pairs, 2 hours at most and the job was done. Today was a long but the reverse holds for short targets then reverse long for extra pips. What are the changes and what did central banks do to their prices?
In the 9:00 am hour, EUR/USD bolted to 1.0640 then dead stopped. 1.0640 was the interval point between 1.0629 to 1.0649. EUR/USD then traveled back to 1.0629 support and dead stopped higher at 1.0653 in the 10 am hour. 1.0653 was the point between 1.0649 to 1.0660. EUR/USD t traveled back to 1.0649 support then hit 1.0667 target in the 11:00 hour.
The new structure imposed on markets is pure treachery in price moves and much longer for targets to hit destinations on most days. And this new structure applies to all currency pairs. Instead of wait for target, mulliple longs and shorts could’ve been taken to work up to the 1.0671 target. A long from 1.0617 would’ve paid 50 pips then short to 1.0653 for another 14 for a total of 64 pips. Yet multiple pips traded without profit.
Lets try this again.
EUR/USD long target and sell point is located at 1.0661, 10 pips lower than this morning’s 1.0671. Most important break points are located at 1.0629, 1.0630 and 1.0636. Above 1.0636 then range to target becomes 1.0636 to 1.0661.
1.0661 target achieves then short to 1.0643.
Above 1.0661, then next comes 1.0702, 1.0716, 1.0762 and 1.0785. What happened was 1.0793 disappears in favor of 1.0785 as top point. Previous 1.0785 devolves to 1.0762. Then 1.0723 and 1.0721 disappears in favor of 1.0716 and 1.0702.
Below bottom targets are located at 1.0601 and 1.0570. Further below 1.0503. A long at 1.0601 targets 1.0612. A long at 1.0570 targets 1.0597. Any price below 1.0570 is a market gift long to cross 1.0570 to target 1.0597.
Brian Twomey, Inside the Currency Market, btwomey.com