JohnLaw

KEEPING THINGS SIMPLE ON THE EURUD - BOREDOME BEFORE THE STORM?

FX:EURUSD   Euro / U.S. Dollar
KEEPING THINGS SIMPLE ON THE EURUSD             - BOREDOM BEFORE THE STORM ?
(1 day, log scale)

As said previously, the short-lived upward thrust for EUR into $1.17 has not been able to materialize.
EURUSD             is on the daily chart stil gyrating. Granted, 1.04/1.05 has again provided support, and so did the 1.105 provode resistance / did the 1.08 level provide support again. RSI divergences taking place on both sides... It's simply in a sideways market. Still.

In all: I'd expect this thing to visit 1.08 again, 1.10 again, and anticipate a short visit to the upside (1.11 level, perhaps even overshoot to 1.12?) but this is only to complete the retracement from the previous fierce leg down, which started Oct. 15th at the 1.15 high, and ended on "D-Day" ;-) at 1.05. Note the Fib resistancelevel lining up with previous resistance.

On the far bigger MONTHLY picture (see other chart) things look south (much) further. But let's first end this shorter leg up.
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