“INDICATOR OF THE DAY” - PARABOLIC MOVES
Despite the parabolic nature of the recent moves in the Euro, we would not recommend buying at current levels with daily studies showing well overdone and the market likely on the verge of some consolidation at a minimum if not a more significant pullback. Stand aside for now.
Eur/Usd: Quite often when a market moves too quickly in one direction, there is a high probability that it will retrace the move given the lack of support and resistance in between. These types of moves result in price action that shows gaps within the extreme moves. The push higher since the Fed, leaves the 1.3155-1.3390 area now very exposed with any moves back below 1.3390 to likely open a sharp pullback as the market looks to fill the gap.
Written by Joel Kruger, Technical Currency Analyst for DailyFX.com
If you wish to receive Joel’s reports in a more timely fashion, e-mail [email protected] and you will be added to the “distribution” list.
Joel Kruger publishes 6 daily pieces:
“Tech Talk” – A Daily Video Highlighting Technical Developments in the Overnight Session of Trade.
Monday-Friday (between 5:30am-6:30am EST)
“Morning Slices” – Morning Overview using Fundamental, Technical, Flow, and Quantitative Analysis (Includes “Trade of the Day”).
Monday-Friday (between 6:30am-7:30am EST)
“Indicator of the Day” – A Feature Report that Highlights our Most Significant Technical Indicator of the Day.
Monday-Friday (between 8:00am-9:00am EST)
“Cross Country” – A Midday Fundamental Update, along with Technical Analysis of Selected Cross Rates.
Monday-Friday (between 10:30am-11:30am EST)
“Scandi Daily” – A Specialized Daily Fundamental and Technical Overview of the Nordic Currencies. (This report is only distributed through email. Please contact [email protected] if you would like to be added to distribution.)
Monday-Friday (between 11:30am-12:30pm EST)
“Daily Classical” – A Daily Technical Overview of the Major Currencies.
Monday-Friday (published between 2:00pm-3:00pm EST)