overbought is an understatement... Couldn't agree more.. Indeed.. No high is too high to buy and no low is too low to sell... that's for the season traders...
EUro indeed making 1 break after another making a bold statement of a trend clause here.. But this is what I don't understand on it.. After a rally normally it should make a further statement shooting higher with min or no retrace. Rather it goes in a hangover state and kills that momentum it has built by lackluster moves as in going dead within a 35 pips up n down b4 making a lil head ways.
Here is the kicker.. I may be wrong in seeing it but there is a potential neckline to around 3640 on it. A break tgts something like 1.52-53 with 1.43 as a median tgt on it.. I also think last big drop was from around 1.42XX after euro making almost a 400 pips run on a single day only to go over board for a 2040ish print..
I have it going to around 3620 possibly 3640-50 for the day if happening.... I think if euro can take it higher to 3650 prior to NFP release, it would be a stern statement on it that this indeed is aiming higher into 1.4000 lvl and rather very soon... EJ 132-33 clocks on the charts indeed.. Though YEN states taking it higher to 92.70 would require more than just bad news on it technically speaking..
I be taking it easier today.. I have my loner EJ / GJ and still hefty SPX running.. Euro short 3572 and picked up my 3580 as well running for now, and wlling to square 3572 which had a limit profit at 3537 out rather sooner..
3526-28 comes in as a supp on euro for now...
SPX looking for a 4 hrs close under 1497 for a potential move down to 1489 for the day.. A break under to it would be welcome indeed.
EJ a break under 123.10 suggests a move down to main supp area around to 122.45-48.. Though it's peach lvl for the day is 121.77 or around to it.. Obviously that suggests that 3580ish on euro to hold for a possible break under to 3520.. While not banking on it but have nothing to lose...
GJ making a statement on 4 hrs for a downward move to kick in for a 142.50ish touchdown and well if happening I be very happy..though initially require a break under 143.25 to fire things up..
With NFP around the corner, it is difficult to take sides on a trade but with been light and no particular itch to hit any big ones or rather take a fresher position beside NZD (then 83.65 tops on it on 4 hrs is tempting) and simply doing some charting for 2moro and see how gold is to go on for 2moro as well, I'm thinking to give my mind a rest off............. Simply as I have nothing to lose...
With SPX kicking lower AUD would have been a good drive lower but missed the board..
I will be back on and off with charts.....
And yes , fundamentals make tech play faster............... Nothing more .........

GL...