I think Eruo went up a bit because of the hedge fund Eu talks but went down since the Uk is opposing it and more uncertainty over Europe is gathering.On the whole...may be the speculators are taking revenge on the EU because the Hedge fund ploy is aimed at them mainly.
If you ask me...i see a 1.20 coming since 1.22 resistance has been downed. I think Mr Morten will tell you 1.22 is oversold but i think we should stay out for while to see how this pans out until 1.20 at least or 1.26 in other cases.
Yay it went down yesterday and i made 100+ pips. Right now,
Hey Bomberman, I am also looking at a retracement. I want to go in, but the signals are not good. I would have gone in if the 4th green candle appears on the 1hr chart after the up movement; instead it is playing around the 1.2195 support/resistance line which I have identify but is not a strong one. Anyway I guess I'm waiting for Europe to wake up and hopefully get better signals.
I am following Sive's advice on opportunity to enter at around 1.2129; I also drew 2 support line around 1.2125 area and 1.2060 on a weekly chart. So I am watching these 2 areas.
i am waiting for 1.21 to happen to jump in with a 1.20 SL .I think the 1.20 will be the botton for now. Eu will do something to get it back in the 1.25 if not for a couple of days.Otherwise this currency has no credibility left. That is around 1300 pips(from 1.33) down in less than 14 days. If i were the Eu ministers, i would be pushing the super alarm button.
I didn't receive my Buy signal yesterday, so I was aside. Now we're approaching to strong support - 1.2044 weekly oversold, 1.2022 Fib support and 1.2129 Weekly Pivot support 1. Stops had been cleaned out already, so this area is not bad for some reverse up.
But. I do not see any particular Buy signals yet. Besides, there is a weekly XOP just below 1.20 - at 1.1968. So, market can break your heart first and after that will start up move.
For now there is just one important thing - patient.
If we'll see some strong pull back from that area, then probably this is it. But for now is nothing yet. I do not even attach any chart, because there is nothing to show. You can look at weekly chart in the beginning of these thread to refresh levels in memories.
When I see something - I'll let you know.