Hopefully, my 2 updates yesterday helped you in one way or another.
Seems like this is going to be a longer transit than expected as E$ was rejected at the 1.3290 level leaving us with a potential mirror image or in simple technical terminology, double top. This has increased the probability of further price pressure towards the 1.3110/40 band before any meaningful recovery.
Ironically, the very reason for E$'s recent bullishness ie. firm EURxxx are already losing upside momentum and should be due for a correction lower.
The last element to create the perfect storm should be the stop loss orders at 1.3160 placed by short term stubborn E$ longs.
Be nimble, pride does not pay the bills.....
Update1: Took profit on short E$ and EURAUD. Looking to turn net long on the E$ around 1.3110/20.
No comments:
Post a Comment