Almost the same price action on EUR/USD yesterday. It broke past resistance at 1.2400 during the London open but soon traded lower only to end the day around the MaPs.
great work once again BigP.thanks.
EUR/USD traded lower yesterday. My brotha Pip Diddy has the scoop on the fundamentals. Head on over to his blog!
Risk aversion mounted again yesterday after the ECB stated that there are a lot of downside risks to euro zone’s fundamental outlook. In its monthly bulletin, the central bank revealed that it has lowered the growth forecast from -0.2% to -0.3%. In addition, the dollar received a boost from the better-than-expected trade balance data and weekly jobless claims.
There was one clear short trade yesterday. You could’ve jumped in short when price was unable to close above the week open price. Hope someone caught that!
more good work from BigP thanks BigP
Yes, I would read this. I get a good deal of info out of other stuff you write, your insights are invaluable. I suspect it’s that awesome Fro. I suspect it gathers feel-good vibes from the universe and in your mighty benevolence you share it with the rest of us. All hail the Fro.
Yowza! It looks like a bullish divergence materialized when the pair tapped 1.2250. Did anyone go long on that?
No data was released yesterday, but the euro still found a reason to rally. It formed a box during the Asian trading session and then broke out to the upside.
Bit confused here BigP if there was possably profit taking ataround 17.00 did traders think hey the EURO is not going to go any lower so lets buy our short? yeh that must be it thinking about it,am I right BigP?.Thanks heaps for your views,and once again for the charts,I keep pointing people this way on forums as I reckon this is a great way to understand chart movements.
It looks like EUR/USD pared its gains in the Asian session following the better-than-expected U.S. reports.
A lot of consolidation during the Asian session but it did not last long. The news that Greece needed an extension on its austerity program spooked the markets and caused them to seek the safety of the dollar. A nice short at the convincing break of the PDL. Hope someone caught it!
Hi BigPippin
Under what market conditions is the Slow Stochastic an appropriate indicator?
Cheers
It can be used in any market condition, it just depends on how you use it. For a ranging market, you can use oversold/overbought conditions on extreme points. For trending markets, you can use the Stochastic to spot divergences to decide entry levels.
EUR/USD consolidated during the Asian session but broke out to the upside when some “positive” news from the ECB came out. Jeorg Asmussen, a German ECB Member, showed support for Draghi’s bond-buying plan.
I don’t see any easy setups for the day but you could’ve gone long when price broke out from the Asian box and the PWH.
its still heading north, albeit slowly.
BigP( or anyone) what time (uk time are you calling daily open,thanks for any reply,also another good chart Bigp so thanks for that