Market Updates 1.2900 Remains a Big EURUSD Number
| 1.2900 Remains a Big EURUSD Number |
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My 15 min. charts are telling me to go long here. But I am going to wait until Sunbday for a few reasons. 1. Two of my accounts have reduced leverage availability on the weekends. 2. 1.2900 is a scary place to be entering a trade. This level has presented obstacles in the past more than once. It was support during the 16th to the 19th and has acted as resistence since then. This mornings pre-Stress Test release move was turned around before getting to far past 1.2950and now we have this gentle downward sloping resistence line, that just happens to be around 1.2950. Not an overall supportive picture. If you are trying to make heads or tails out of the Stress Test release, and you aren't a seasoned professional, just stop. Every talking head is saying something different. EU government types are extolling their virtues, praising the severity of the tests, while some analysts are questioning the tests scope and depth. While I am writing this, current price is only 1 point away from it's open at 1.2891, as for me, this is telling me that traders are not very sure of the tests validity, because they were itching to support or tear down the Euro. This price action is lame. The ultimate tell will be when the EURUSD breaks above 1.3000 or below 1.2700 and holds. I think that either way, the move will be long and sustained.
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