AUTOREFRESH 
Well……
By Gerry Davies || February 18, 2010 at 08:43 GMT
|| 5 comments || Add comment
The buy orders down at 1.3530/50 emerged right on cue, as suspected they would. Been as low as 1.3540, back up now at 1.3565. On the topside sell orders tipped at 1.3600/20. Just wonder how long it will take for the euro bears to get their paws on 1.3500 option structures? If I knew that I’d be a wealthy man. But it’s coming I would suspect.
Since 1.3500 is a very major level – big psych level, I am going to put a relatively large (for my chicken account
) ) position at sell stop 1.3495, TP 1.3480.
It sure can’t retrace from 1.3495, or can it?
Hey Gerry, as and when EUR/USD 1.35 breaks where do you see the next major support?
Jerry,
In answer to your question about how long before “they” get their options paws around 1.3500, you may wish to notice that on the 5-minute EUR chart, the 55-period EMA line has been acting as an effective break – all “morning” – to any/all EUR buyers and is slowly – but surely – pushing the action back toward 1.3531 (February 12th support – my current “line in the sand”), and MACD (on the same chart) is running negative as I type this message. So, considering that we still have all day (in Europe, at least) Thursday and all day tomorrow to go, I think you may have a shot at the gold before this weekend hits the shores of merry England. Congratulations (and happy lunar new year from Harbin, China)!
PS Fergus: after 1.3531, turn your eyes lower to: 1) 1.3404 (61.8% retracement of 1.2329 to 1.5143); possibly followed by, 2) 161.8% projection of 1.5143 to 1.4217 from 1.4578 at 1.3076.
Hi Solange. Thanks for input, Much appreciated. Happy New Year to you too!!!
happy new year solange from sunny italy