EURUSD was quite volatile yesterday again. It kept above above 294 as indicated in last report, pausing a little to carry on north, in a clean follow-through KAse swing leg all the way to 300 (usual 60p levels). Profit taking on resistance resulted in a sharp down swing back to 294, then up again to 300 (6AM UK). Momentum seems to be dissipating on most time frames, yet (4H+) may try and push higher, (D+) being more hesitant. Unfortunately breakout energy is not visible on the current pattern at this point, so it is difficult to predict whether the Euro will keep to current narrow mid-range above 294 (halfway point). Fast Kase as so often come to the rescue in this environment, but can only provide fairly short term information that is not quite in line with a daily report.
EURGBP followed a similar scenario pushing to above 809 target to retrace sharply back to 806 pivot, then to charge again… The upward bias is there also, with however little steam left. Like with EURUSD above, we note higher support rather than clear targets although 811 highs or 812 strong resistance would make sense. Fast Kase may take the lead in a congestive environment on higher time frames. 809 seems to be playing mir range pivot level here. We note that (4H+) are not looking to bright so a stall near current highs should certainly end up in a reversal situation.
GBPUSD is in the same mood, ready to test 605 and maybe higher nearer the next salient level on 611 (610 would be a safer bet if 605 breaks). The energy picture is not that clear though. At this stage, no profit taking in sight, but like our other pairs, another round of Kase swings is possible.
Conversely, USDCHF is looking bearish and failure to now claw back above 928 should certainly fuel further bearish pressure. Lows on 925 may try to hold, causing a bit of bearish congestion. No visible recovery potential at this stage.
( Posted 7:10 AM UK )
NB: This is the last public post for this blog. Thanks to all who have followed for the last 5 years and a feedback would be much appreciated.
Time to move on with exciting and profitable trading Here as well, details can be provided on request.