Market Updates EURUSD Daily Forex Analysis: Overnight Test of 1.3450 Produces Small Bounce
| EURUSD Daily Forex Analysis: Overnight Test of 1.3450 Produces Small Bounce |
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To start with let's talk about the hold I put on Long positions for the GBPJPY and EURJPY yesterday, recommending instead two very specific targets on shorts. Both targets were hit last night. In fact the Yen has benefitted enormously from European weakness this morning. It seems to be the same concern with Greece creating the move. I think next month I am going to follow the GBPJPY. This morning’s action has continued that weakness form I said in yesterday's post that "I am seeing further EURUSD losses now that the 1.3600 mark was taken in today’s trade. Be patient on shorts, the choppiness isn't over yet." On that front, a short retest of 1.3600 happened in late US morning trade and then the pair promptly gave up the mark and went to test the lows form last Friday, 1.3450. Last night’s price action did not break the yearly low but came within one point. If you are a candle trader you love the look from today's daily candle. A close above 1.3450 will create two candles with lower wicks that touched 1.3450 that could not close below there, a possible I have maintained short positions on the EURUSD from 1.4200 and will pick up more on a test below 1.3450 in the coming days. However, a break back above the red line drawn below would concern me in the short term. The other play I would not like to see is a move along that line upward. That's the chop I talked about in yesterdays post. Price is currently in the 1.3475 region, an move below 1.3450 cannot be ruled out today. I doubt it will happen though. A close above the red line may send me long for another test of 1.3600 (short term trade).
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Overnight