my trades for today is shorting EURUSD from 1.0940 area until it works….. only daily closing below 1.0850 will confirm new down move on the way, but that seems to be bridge to far …..
As noted yesterday, 1.28 is the only level to watch as it will dictate whether GBPUSD corrects further. Note the 2 blue AT lines whuch indicate a potential change in direction that played out.
This chart shows little until 1.2722 so expect the 1.2750-80 zone to be a key one as only a break below the lower end would shift thf focus from 1.28
NOTE
UK labor report showed a slight moderation
EURGBP bounce gave a clue to GBPUSD vulnerable downside
EURUSD 4-Hour Chart – Retracement or Consolidation?
The market is trying to retrace but pressures only build if 1.0917 is firmly taken out (so far just briefly). If broken there is little on this chart until 1.0867 (suggests 1.09 will be important). Needs to stay below 1.0946 to keep a retracement risk alive
On the upside, if the retracement fails to build steam, look for consolidation unless Friday’s high at 1.0981 is taken out.
Expect cautious trading ahead of the next key event risk, US CPI on Tuesday.
What Is Consolidation?
Consolidation in technical analysis refers to an asset oscillating between a well-defined pattern of trading levels. Consolidation is generally interpreted as market indecisiveness, which ends when the asset’s price moves above or below the trading pattern…. Investopedia
In simple terms, it means trading within well-defined support and resistance levels until either side breaks.
This is one agonizing day if you trade EURUSD – it goes nowhere , for now…so sitting and watching as the grass grows…
I remember clearly the days when we could switch from USDDEM to DEMITL and just ride it….or from USDDEM long to USDFF short , holding Long USDDEM and take advantage from both sides.
When Bitcoin first was created I called it a Ponzi scheme. While I have not changed my mind about cryptos I would be an idiot to trade on that view given this rocket to the moon.
BTC rose about 4% to a new record high before backing off a touch but maintaining above the former record high (blue AT line).
By contrast, EURUSD has traded a 19 pip range so far today.
For the record, I do not trade BTC and have no intention of doing so.
(Reuters) – A look at the day ahead in European and global markets from Wayne Cole.
So Japan isn’t in recession after all. Revisions now put economic growth at +0.1% q/q in the fourth quarter, instead of -0.1%, so nullifying all the media lamentation about Japan’s contraction.
Next week, highlights include US CPI and Retail Sales data, GDP and the Labour Market report from the UK, while the 1st tally of the Japan Rengo wage talks will be key, as will China inflation data
Week Ahead 11-15th March
Sat: Chinese Inflation (Feb)
Sun: Japanese GDP (R)
Mon: Eurogroup Meeting; Norwegian CPI (Feb)
Tue: NBH Announcement, EIA STEO, OPEC OMR; UK Labour Market Report (Jan/Feb), US CPI (Feb)
Wed: UK GDP (Jan)
Thu: IEA OMR; Swedish CPIF (Feb), US PPI (Feb) and Retail Sales (Feb)
Fri: Quad Witching, PBoC MLF, Japan’s Rengo (labour union) 1st Pay Tally; US UoM Prelim (Mar),