Sive Morten
Special Consultant to the FPA
- Messages
- 18,564
Morning guys,
Let's take a look at EUR again. So Fed has breathed some life in market, promising to keep them on liquidity needle. We see rebound across the board, especially on Gold. This is very important because as we said in weekly report - gold should strop dropping when run into USD will be close to an end. Swap spreads also calm down a bit and now investors probably will start to turn around and see where to spend this "new cash". Process is not over yet, but, it seems, it is close to the final point.
On EUR we also see the pullback. Now price stands at first 3/8 Fib resistance area, but we mostly watch for 1.0950-1.10 K-resistance by two reasons. First is - this is good area to go short, whatever target will be - either short-term or longer term. Second - this area is an indicator. Upside breakout could mean reversal, at least on daily chart:
On 1H chart we see that market has to apply big efforts to move higher. Our suggestion on Double Bottom is not realized, because take a look - upside action is too slow and gradual. But it is going, so let's see what we will get. Anyway our major setup stands the same - we're waiting for daily K-resistance area.
Let's take a look at EUR again. So Fed has breathed some life in market, promising to keep them on liquidity needle. We see rebound across the board, especially on Gold. This is very important because as we said in weekly report - gold should strop dropping when run into USD will be close to an end. Swap spreads also calm down a bit and now investors probably will start to turn around and see where to spend this "new cash". Process is not over yet, but, it seems, it is close to the final point.
On EUR we also see the pullback. Now price stands at first 3/8 Fib resistance area, but we mostly watch for 1.0950-1.10 K-resistance by two reasons. First is - this is good area to go short, whatever target will be - either short-term or longer term. Second - this area is an indicator. Upside breakout could mean reversal, at least on daily chart:
On 1H chart we see that market has to apply big efforts to move higher. Our suggestion on Double Bottom is not realized, because take a look - upside action is too slow and gradual. But it is going, so let's see what we will get. Anyway our major setup stands the same - we're waiting for daily K-resistance area.