We are at the low discussed in my last post. Enter buy at 1.1010 for 30 pips and a sell at 1.0980.
The daily chart shows we are near the low. The 15 min chart shows consolidation. I am biased to the up and looking to go long for a significant upside. Keeping an eye on the fundamentals with several announcements and ECB's Lane speech due out. 70-120 pips over this week. Use price action for entry and exit. No weekend carry.
Everything is pointing towards a short consolidation. The fundamentals this morning are heavy on the jawboning. The German and Eur fundamentals were weak but I expected more downside but the technicals appear unceratain. I have a sell stop at 1.0975 and a buy stop at 1.0997 (1:3 and 1:2 r/r ratio respectively). I believe the downside has further to go as it is...
Upward pressure is building but the fundamentals will be the determinant.
It appears to have a lack of momentum. It is awaiting fundamental news?.?. Narrow range all day.
I do not see enough momentum to carry this higher nor see an opportunity to make money.