EURUSD Update: Pressure building for next downdraft
My favourite trades are those that commence with a fundamental idea and waiting for the technical picture to turn favourable. Many have been surprised by the resilience/weakness of the EUR/USD.
The 127 looks like it is in check by like-minded participants from an extension commenced at A (pink).
I was surprised by the ferocity of the AB Leg (Red) post Greek positive news on Monday.
Perhaps people pre-empted repatriation of Euro flows (can not quite explain this one last week).
In serious crises the country in question normally sees its currency rally (quite counter-intuitive).
New target of 1.09598 (AB=CD Red)
The 127 looks like it is in check by like-minded participants from an extension commenced at A (pink).
I was surprised by the ferocity of the AB Leg (Red) post Greek positive news on Monday.
Perhaps people pre-empted repatriation of Euro flows (can not quite explain this one last week).
In serious crises the country in question normally sees its currency rally (quite counter-intuitive).
New target of 1.09598 (AB=CD Red)