Can anyone explain to me what happened with the euro growth after the recent 3rd waterfall?
Was there some sort of news i missed? or was it possible to predict this growth from the charts alone?
Todays bounce occur at a possible reversal point on the daily charts. It was testing fib 618 at the up trend line on the daily chart.
I’m sure the US GDP outcome as much to do it with it but I’m a chartist who pays little or no mind to fundamentals.
The EURUSD pair is interconnected with XAUUSD aka Gold. When Gold moves…so does the EURUSD pair.
The reason is the money flow in and out of XAUUSD into EURUSD and vice versa.
Gold rises…EURUSD rises. Gold falls…EURUSD falls.
On a 1h chart…putting EURUSD next to XAUUSD…you’ll notice similar shape and color of candles in both charts starting @7:00EDT.
Gold started moving UP @8:00EDT and so did the EURUSD pair. EURUSD followed the UP move of Gold until 12:00EDT.
If I trade EURUSD pair I have my eyes on a Gold chart as well. Regardless of EURUSD TA because I keep my eyes on money flow…in and out of Gold…in and out of EURUSD pair.
If Gold moves for any reasons…the EURUSD pair [U]will[/U] follow…in the same direction.