Are we just bouncing off walls here? It seems like we might be... Other convincing ideas here (tradingview.com/chart/EURUSD/ifHDGSBu-EURUSD-03-08-19/) suggest this is the end of a regression at the .618 fib following the bullish run from the start of 2017. I like it either way you cut it.
However we look, after quite a predictable and profitable short position before the heavy sell-offs yesterday we find the market rallying north. I for one am taking some profits at the halfway line but if we keep breaking through resistance levels with such convincing aplomb I might try and ride the waves all the way to the channel's edge. Now wouldn't that be nice.
Key US data today has helped a couple of big upticks. EU 'dovishness' and unexpected TLTRO reports in the commentary yesterday has also had a convincing effect which may be amplifying technical analysis, but it is unlikely to be masking it altogether given the continued trends.
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It's the weekend here! Position closed nicely into the black just in time for drinks...
One to watch next open...
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Tested 76.4 Fib and now it's sitting there, over 100 pips north. Job done.
It'll still be interesting to see if the channel holds under the weight of Brexit stress affecting the euro market.