The old Wall Street axiom is “buy low, sell high” . In forex, where lots of traders try and take advantage of momentum , they will sometimes try to sell low and buy lower. Looks like they tried that strategy yesterday but never got the chance to buy ‘em back on the cheap. Now they are being forced to do the dreaded: buy high.
EUR/USD has reached 1.4072. There is not much technically standing in the way between present levels and recent highs at 1.42…We’ve already retraced more than 61.8% of the 1.42/1.3830 decline.
