Looking forward to the Attacking Currency Trends course starting tomorrow...
The line in the sand from "EURUSDs BIG test" was put to the test with some Greek headlines (I think it read "Euro officials called back to an emergency meeting" or something like that in the first hour of new day trading).
Anyway, from there the market settled and we have seen the BIG test, have the price fall. In the process, the pair has moved below the targets at the:
- 38.2% of the move up from Wednesday
- The 1.1328 level (which as you can see on the chart was the area of highs and lows going back to June 10 and
- the 50% of the move up from Wednesday
The 100 hour MA (blue line in the chart below), was also broken but the market is finding buyers against it, the 61.8% and the 200 hour MA (green line in the chart below). That is a nice cluster of support where it makes sense to find buyers.
So the price action is doing it's ABCs
A. Hold resistance above
B. Break below targets
C. Find support at a key technical cluster.
It is Friday before a weekend with Greek weekend risk. As a result, there should be weekend squaring up and likely choppy action especially at the 11 AM ET/1600 London fixing time. So be aware.
For me, I am putting the finishing touches on the start of the 1st Attacking Currency Trends course which will start tomorrow (full day of lessons planned). Good fortune with your trading but mind your levels. The best trade may have already come and gone (likely) and the clock is ticking to the weekend.
