I suspect we will see , which will get as many people stopped as possible, while still having the stronger moves to the upside.
The weekly is building modes higher and higher, and just confirmed a 9 week uptrend signal, which might run into low resistance in the 1.16786 region.
I'm considering entering a short term long with a stop under the highest 9 week mode, attempting to capture the pending upside.
Will update with other daily and 4h positions I take on this pair.
Fundamental wave analysis TM:
Euro boost (corrective):
03:00 DE EUR Gfk Consumer Confidence Survey (Jul)
07:00 UK GBP CBI Distributive Trades Survey - Realized (MoM) (Jun) 1 51
Dollar boost (impulsive):
09:30 US USD Initial Jobless Claims (Jun 19)
09:30 US USD Core Personal Consumption Expenditure - Price Index (YoY) (May)
09:30 US USD Personal Spending (May)
09:30 US USD Personal Consumption Expenditures - Price Index (MoM) (May)
09:30 US USD Continuing Jobless Claims (Jun 12)
09:30 US USD Personal Income (MoM) (May)
09:30 US USD Core Personal Consumption Expenditure - Price Index (MoM) (May)
09:30 US USD Personal Consumption Expenditures - Price Index (YoY) (May)
10:45 US USD Markit Services PMI (Jun)Preliminar
10:45 US USD Markit PMI Composite (Jun)Preliminar
11:30 US USD EIA Natural Gas Storage change (Jun 19)
12:00 US USD Kansas Fed manufacturing activity (Jun)
14:00 US USD 7-Year Note Auction
I'm short but not filled yet, probably filled during the London session news boost.
I'll look to cover partially at 1.11337, but my target is way lower, in the vicinity of 1.09.