EU - Updated as at Thursday 12th July - From London Open session
London as just opened and we have already set a another low at for today and as I type only 5 pips off the new 2 yearly low of yesterday.
Most traders can see from their charts that the EU is oversold and so therefore will need pullbacks or retraces during the day. Most of the present pullbacks during the last 10 days have been very small with the largest approx 70 pips.
We are near the large psychological important price of 1.2200 which might be looked upon as very important. You can imagine 10-30 pips below that price a lot of "stops" that could trigger another rally. The bulls will be doing their best to keep price above 1.2190 whereas the bears do want under that - as they know the effect it would have.
Will we get there today or on the infamous Friday 13th ?
I remember from yesterday key price areas of 2261 - 71 and 85 needed to show any moves being tried as buys.
I am not keen to scalp buy yet - but would over 2224 - 37 and 45.
Meanwhile i hope you have caught some pips on this 3 hr fall of over 30 pips so far.
Will the low go now or not?
What's next then ?
Replies to This Discussion
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Permalink Reply by Roy Sommernes on -
nice pics:)
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Permalink Reply by Sir Gissachance on
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Did someone open EU FloodGATE ........ Excellent work Peter....... Sir Gissa ........... Out !!!!!!!!!!
http://www.forexstreet.net/profiles/blogs/why-i-shorted-eu-500-pips...
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Permalink Reply by Peter jcp on -
Thanks guys for the doggy pics and the nice comments;-)
I think it only right to not keep updating and taking over the front home page - so plan to take it to the "gate "group soon.
Then we can share a bit more "live" info etc - check out and get your invite at "ForeXmosgate" - located in the "groups" section
Meanwhile whilst under 2263 - 71 and 2285 - we are more likely to go lower again and take out that low of 2235.
See you at the London Session
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Permalink Reply by Peter jcp on
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Wednesday 11th July - 7 mins prior to London open. Price at 2268 resistances - here at 2271 and 2282. We would need to break both for a run up higher. With the open and hr change near - expect an attempt and then a fade out. For lower we need 2257 and 2253 to go to change any up short term up bias.
Have a great trading day
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Permalink Reply by Peter jcp on
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8.30am UK 3.30NY - not tried 2282-85 just yet. Whilst over 2266 still in short term up bias. For scalp sells would need under 67 - and then supports at 56 and 53 needing to go for a turn lower.
Range say 80 - 56 - market still slow during this first hr
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Permalink Reply by Peter jcp on
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GU and AU up bias as been stronger than EU since London open with GU up 40+ pips compared to EU's miserable 20 pips from low to high. Scalpers should be noticing on EU 4 LH's at 78 -77 -75 - so its if supports hold at 67 - 56 and 53
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Permalink Reply by Peter jcp on
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Hi Pixta - spotted your 2 prices circled on your charts. For the 2190 price, - supports needing to go are now 2253 and 2246. plus low.
My bias as changed this hr and only goes back into up bias if price goes up to 2272 and then tries current high of 79
Markets are teasing bulls and bears ( as normal) and so half hr and hr change will show net clues
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Permalink Reply by pixta on -
Hi Peter, well im a bit bullish as i dont like to be short when price is slowing each hour more and more .. need some fresh negative to break lower from here... today fomc mints and we need to watch closely:
how many members expect further eventual easing, and in what form; how close the committee was to either doing more or less than Twist number two at the June meeting; how much discussion there was of qualitative changes in the forward guidance; and how much more negative the staff has become about the economic outlook.
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Permalink Reply by Peter jcp on
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There's your answer Pixta - no break of 56 and 53 - 61 becomes scalp buy and then once over 72 it will try highs and key area 82-85 then as next obstacle
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