Regular Update of the Intraday update of Euro!!
Overall picture of the Euro-dollar is quite confusing and Direction is still neutral. We have not yet seen strong rally to the downside, But every rally is being sold so technical analysis would tell us to sell the rally again. But trading Gap at the opening of last week can force the price to test the 1.3890 area.
Price has spend quite a lot of time in the rotation area around 1.3890 and 1.3790. A break above 1.3810 will still be a good hint for bulls but a break above 1.3825 will open the way towards 1.3890.
Take a look at the Simple Candlesticks chart of Euro dollar below
Technical analysis of the usd/jpy for Intraday Opportunity.
I have been forced to cover my usd/jpy longs as I have seen some failed breakouts at the top . "Analysis" should be based on Market Reaction. Any predetermined moves with stops at predetermined places can seriously forces you to give away all the profit you had earlier.I post yesterday that I went long around 102.05 area and breakeven stops were placed at 102.27, But situation and scenario has been changed as there is no development area after two neutral days activity,Strategies should be based on recent price action behavior rather than past activities,and the supply in the market force us to cover and traders are being forced to think of their long positions.
After range breakout strong bar has ended up with a Faded out.
If the overall trend remain bullish then surely today we could get another development and If I found out I would update my chart immediately, You just need to remain conscious and check the blog later
If that is a reversal then price has to break the floor which will
give us clue that Institutional efforts are here and they will keep selling all the rallies!!
