- 1.1100 : the level ECB doesn't want EURUSD advances.
- 1.0500: the level FED wants to hold.
ECB member said that market understood ECB 's message in a wrong way, and wrong pricing post meeting was what we saw.
Does the miracle finish ?
Hard to say.
The move of ERUSD on Thursday was the strongest move since 2009 , many SHORT positions were wiped out, and traders as well as investors begin to re-establish EURUSD position. BUY or SELL ?
I split EURUSD chart into two zones called :
- Above 1.1100 is zone : Blue zone
- Below 1.1100 is zone : red zone
A advance above zone is a signal for trading in zone, and a bounce from 1.1100 is a chance to re-SELL EURUSD .
I think E/U is not enough strength to advance above 1.1100
Hence,SELL the rally at 1.1100 is a good choice, some traders and commercial banks are positioning to 1.1500, but I think it's too dangerous.
I maintain pending SELL position at 1.1100, stop at 1.1200, profit at 1.0900
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