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EURGBP MONTHLY – 8 YEAR RANGE
You have seen me focus on EURGBP for clues to intra-day trading so let’s take a look at the broader picture.
EURGBP has traded within an .8200-9500 range for the past 8 years, most of the price action has been within .8280-9280 (red arrows)
This is why .82-.83 is a “nervous” zone as a firm move below the bottom would signal a break of the 8 year range.
Using my platform as a HEATMAP shows narrow ranges with the dollar a touch firmer.
EURUSD pattern: Extended its trade around 1.04 to 5 days in a row, currently below it…downside stays at risk as long as it trades below 1.0450\
Another round of verbal intervention in Japan
EURGBP ticking down after failing yesterday at .8313
US bond yields remain firm, 10-year just below 4.60%
Early closures today, including US stocks
Xmas tomorrow, most countries closed on Thursday, US markets open Thursday but likely with skeletal staffing
EURUSD 1 HOUR CHART – THAT TIM,E OF YEAR
Technical analysis works because others follow the same indicators, patterns, levels, etc. When no one is playing the game, such as now ahead of Xmas, you can’t count on technical to follow through.
With that said, what caught my eye is EURUSD’s pause below 1.0450, which keeps thoughts of 1.05 at bay and the downside more at risk.
