- The Evening Review and Preview
- Commitment of Traders short EUR position hits a record
- USDCHF remains in uptrend but losing some momentum
- EURUSD slows down/consolidates
- GBPUSD respecting the 38.2% as correction/consolidation period continues
- Week ahead Monday 9:30am with Greg Michalowski
Posted: 06 Jan 2012 02:31 PM PST
Posted: 06 Jan 2012 12:56 PM PST
Hmmm. Perhaps there could be a short covering next week. Somthing to think about….
Posted: 06 Jan 2012 10:40 AM PST
Posted: 06 Jan 2012 09:36 AM PST
The EURUSD has been consolidating over the last few hours as the adrenelin rush from the NFP report brings traders down. The steady trend move down over the last 3 trading days which took the price from a high of 1.3072 to the low today of 1.2696 (376 pip range) has also sapped some energy and balanced buyers and sellers. Todays leg to the downside has been less than the prior two days (see hourly chart below). Trader’s seem satisfied but willing to take a break.
Nevertheless, it is important to pay attention ot the levels. ON the topside intraday, I will be watching for sellers against the 38.2% area at the 1.2739 level. On the downside, a move below the 1.2708 (see chart below) could see some further selling.
The days trading range for the EURUSD is at 117 pips currently. The average for the last 20 daya has been 124. Admittedly, December was a quiet and narrow month (the average range for 2011 was 157 pips for the EURUSD). However, it may be the range has been set.
Posted: 06 Jan 2012 09:23 AM PST
The GBPUSD found support against the 1.5375 level (see prior post) and rotated back higher. The price has pushed above channel trendline resistance and moved toward the 38.2% of the days trading range where there has been two separate tests. Activity has died down but the bias remains to the downside as long at the price remains below the Fibonacci level.
Posted: 06 Jan 2012 09:12 AM PST
Week ahead this Monday at 9:30am with Greg Michalowski register now
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