EURO BROKE NOVEMBER Trend Line:
In last week’s forecast, ” In the event, the 11306 level has been broken, then leaning in direction of Maximum momentum and/or pull back strategies as having a way worthwhile considering.” On Thursday, EUR/USD closed 11305, putting it securely under the underside of this Nov t-line/bear-flag.
On Friday we saw some strong snap back that has got the break-down appearing as a one. Is this a previous couple of months’ Euro being the Euro, immediately soon right after sucking in sellers or can this scale a more major move higher? As volatility is low, Tough to state just moves haven’t been trusted and whipsaw risk is high.
Even the 3-month proportion scope is at its lowest levels since 2014, slightly lower compared to the readings found throughout the past number of years, and when the 3-month range is becoming this limited a sizable transfer has grown every time (emphasized on the graph under).
Tactically, this could be demanding as whipsaws have made the Euro untrustworthy, however; to its dealer dialling from the time frames that are 4/1-hr looking to get quick-hitters and waiting patiently for shallow pull-backs and/or consolidations could prove prudent. (Read more)
