Market Updates EURUSD Breakout Looms XXXL
| EURUSD Breakout Looms XXXL |
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This action on the EURUSD is sticky. I set up for a break out and ended up moving it to a scalping position. You can see the accounts I traded below. They all look about the same, a small scalp move.* (Past performance is not indicative of future performance.) The problem is, as price action gets wound tighter, the break out can be more erratic and substantial. Meaning that if you are on the wrong side of it, the pain can also be substantial. I am clearly expecting price to take on the top side again tonight, maybe in Asia if the US stock market can stay positive, lending a hand to risk.
This 15 minute chart has a 1 hour chart laid over it to show the two hourly candles that are a cause for concern for today. Selling appeared pretty heavily at the 1.3100 area, but 1.3060 has so far kept the buyers in the game. As for me, since I am expecting a EURUSD 1.3086 attack before the week is out, I will take up more long positions if price gets back to the 1.3060 area. I would be very skeptical of a move to the lower line on the bump and run setup shown below. That would have the pair back at 1.3000, and I don't see that yet.
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| Last Updated on Thursday, 29 July 2010 17:00 |
