Remember my fellow robots - do not be easily fooled.
The slide down is nothing to do with Spain, it’s not even Euro related.
Nope, has to do with the Dolphins losing in London.
The Ever Hope Springs Eternal VIPER
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The Ever Living VIPER
Annnnnnnd finally Mr Roboto
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Oh yeah lest I forget Fembot
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Soooo. the road to riches on Eur/Usd was a slippery one today, so what about tomorrow?
Hmmm… higher or lower?
All my signals are saying higher, but I’m not so sure about the Americans, they don’t seem to like buying Euros for some unknown reason - then again a bargain is a bargain.
I will consider buying in two portions - first if price hits 1675ish and turns, then on the way up around the mid Asian at 1740ish (current price)
Then if Usd looks weak before our cousins waken then maybe go for bust with another buy.
Risk? - well there’s a clear line at 1715 (too clear) which is 25ish pips away, no the mid Asian will have to do it’s job better, then if plan goes well it’s a b/e play, counting on the Yanks.
OK, plan now computed, I’m an old time robot so have to think things out, then print it out on one of those little paper tape things with lots of holes.
Btw, the usual question - where is TP.
Well there are 2 yellow lines on post 6113 (just noticed the post numbers) - possible that first line would offer a slight resistance, if so then the next line obviously - it’s just a plan so far.
The short term bias remains bearish according to the indicators on the four hour chart. The pair is poised to extendits decline towards August low at 1.1661.
mid Asian lower - 1715-1720
On yesterday session, the EURUSD fell with a wide range and closed near the low of the day, in addition the currency pair managed to close below Friday’s low, which suggests a strong bearish momentum.
The currency pair is trading below the 10 and the 50-day moving averages both should provide dynamic resistance however is still trading above the 200-day moving averages that should provide dynamic support.
The key levels to watch are: the 50-day moving average at 1.1862 (resistance), a daily resistance at 1.1829, the 10-day moving average at 1.1811 (resistance), a daily resistance at 1.1753, another daily support at 1.1720 and a key level at 1.1684 (support).
OK, mid Asian did it’s job nicely, no need for a long SL
The difficulty last night was 1715, it was too clear, there were always going to be stops below there, the Asian traders cleared those so able to buy as price went up though 1720 without worrying about 1715.
Now always the right side - I’m watching closely the current top line as our cousins begin to trade.
.
Update on that, I like profits so dislike b/e - signs already are slightly negative so watching underside closely, may take the profit and can go long later if necessary. 1745 likely red line.
Edit: now flat 1749 - must take profit…must take profit…
Yesterday’s low on your price platform was 1.1729
More importantly, last week’s low on your platform registered 1.1716, a heartbeat away from the 1700 round number.
Those are the targets they were probing this morning as it slipped to the current week’s lows. The juicy (each-way) orders lay underneath that round number. They always do, especially if they also vibrate reasonably significant levels such as prior day, week, month, quarter etc lows or highs.
If they’re tiered in decent size underneath 1700 you’ll witness continued downside momentum towards the next clump at the corresponding round number (which will usually house another prior week high/low reaction level).
If not, the supporting longs (providing they’re heavy enough) will defend 1700 & hunt for more upside momentum fuel at the prior weekly highs, which tag another key round number up at the big 1.20 level.
Dial out on price grids if your platform provides them & see where the majority of supporting & target levels are at. Majority of the time they hug & seek round number zones, which tag day & week high/low levels on a large percentage of occasions.
It’s not a coincidence.
Many thanks OTB for very informative post.
There was some dithering just before our American friends joined the fray, but all is well, price resting at the top line right now.
If price can make it on up to the fig then all the more interesting for tomorow’s chin wagging from the CB’ers.
The new week brought a success for the dollar, which added 59 pips to its assets assets. At the beginning of the day one euro was exchanged for $1.1790, while at the end of the day the ratio was 1.1731. The rate several times broke the first support at level 1.1735, under pressure from the bears, as after one of the breaks the pair recorded a bottom at 1.1729 level. For the bulls, peak was reached at the level of 1.1815, achieved during the first hours of the session.
Support: 1.1500; 1.1270;
Resistance: 1.1735; 1.1910; 1.2080;
(post 6103)
My fellow robots, last weeks ‘live’ trade and today’s were identical.
Against the short term trend (knife catching) and use of the mid Asian.
Note the lack of pull back when the mid Asian breached from the underside, both planned from the night before and both executed on UK wakey wakey time.
Guys talk of R:R ratios - very little SL needed on both, that is what I meant about the mid Asian ‘doing it’s job’.
Talk time tomorrow so the quick reaction robot are on standby, old rusty robots like me will just watch.
EUR/USD gained some upward traction this morning and jumped above 1.1760 (the 20-day SMA).
On yesterday session, the EURUSD went back and forward without any clear direction however closed in the green, in the middle of the daily range, in addition the currency pair managed to close within Monday’s range, which suggests being clearly neutral, neither side is showing control.
The currency pair is trading below the 10 and the 50-day moving averages both should provide dynamic resistance however is still trading above the 200-day moving averages that should provide dynamic support.
The key levels to watch are: the 50-day moving average at 1.1861 (resistance), a daily resistance at 1.1829, the 10-day moving average at 1.1793 (resistance), a daily resistance at 1.1753, a daily support at 1.1720 and a key level at 1.1684 (support).