How much lower do they want to take this thing???? Overall trend is UP.... and will be for a while. 38.2% was hit, Central Bank Diversification, Divergence of Int. Rates, Oil Exporters requesting EUROs in exchange of USD, busy M&A all over Europe, Cable is on a tear.... etc, etc, etc, ...somebody's gonna get handed a hot potato here. PS: That H&S on the EUR/USD just ended in a doji... looks weak, ... more like one of those infamous... "H&S continuations", we've all seen those... Powder is dry... looking for the next train up. Tomorrow's headline although important, probobly won't debunk this trend. Good luck gents...
Pulbacks are necessary in any market so that we can get fresh reaction lows/highs. Long term, I don't see any need to get out of my longs just yet.
I would like the divergence that is present on the 1o minute chart to work it's way onto the 60 minute chart--that would be neato keen.
What is your opinion of the daily chart? There is a failure swing there, seems to be the opposite to how USD/JPY looks. That bothers me, a lot.
At the moment, I do not believe it to be all out reversal. The failure swing is there, but we are coming off of an extremely overblown run and this is to be expected. I think overall we are still in a longer uptrend and are most likely creating a new reaction low. We'll see. I am quite a bit in the black, so I will be waiting it out and perhaps adding long when I can to push it. That is until the weekly rolls over---
I may be wrong, but my initial thoughts may still be correct. I've researched quite a few divergences and in the case of USD/JPY it is working according to plan, perhaps until USD/JPY completes an estimated move towards 118.40 and then weekly kicks in, not going to argue with B1S2 on his analyses on JPY, only then EUR/USD continues its weekly uptrend. Of course this is just the way I see it.