Here is how I see the EURUSD as the market’s quiet down a bit. Is it a calm before the next storm? Time will tell.
EURUSD has the 50% and the lows from 2013 to define risk.
The 1.2746-57 are still the lows from 2013 and I think the “market” appreciates this level. When the pair broke above this level this morning, the flood gates were opened and the price soared. The low from the high moved to 1.2742- just below this level. That was while the market’s were still “fast” (or faster).
Also in this area, is the midpoint of the days range. This comes in at the 1.27526.
The combination, suggests to me that this area seems to be the “line in the sand” for the EURUSD in trading today. If bullish, stay above (the bias is more bullish). Move below, the bias is more bearish.
There are a lot of balls in the air today. It can go either way. So if you trade, define your risk and live with it. Losing is part of trading. We just don’t want to lose a lot. So lower the position size and watch it like a hawk.
