Today Is a perfect what's called a Standard Deviation Day in EUR/USD, GBP/USD. Both pairs are down over 100 PIPS and chances it will remain that way for the rest of the day. I would be looking to sell the strength instead buying the dips in hopes of them retracing back. I would sell every bounce. Don't go against a Standard Deviation Day. Plus, EUR expected to cut rates as soon as next week. 04.01.04
There is no way ECB is going to cut rates. As the rumor moved the market last time (Germany and France bitching out, and other "indicators" being seen) so it is this time. All Trichet said was to motivate the member countries to get off their duff and try harder. He did NOT indicate a cut was being considered, nor will he cut rates. The dumbass analysts, economists and desk traders ran with it, as usual. Sam
Whether the rate cut is a possibility or not, the daily chart on EUR/USD looks pretty ugly. A test of 1.20 is almost a certainty at this point.
Good advice on the Standard Deviation Day . Worked like a charm I agree about the ECB rate cut is helping this sell off. I believe EUR/usd is going lower
As I mentioned Standard Deviation Day !!! Plus the mention of the EUR rate cut are all factors of this huge sell off. People that do not believe in rate cut and are buying the pairson dips are loosing a lot of money today . Hope it's none of you. Let's not forget the big IFO number comiing out. Whatch those support levels. Looks scary. I never said ECB WILL cut rates. If I knew that I would not be on this chat.
all charts are subject to interpretation - at best candle charts are vague. I been scalping EUR/USD Long all day today - making nothing but money. Look at the big picture.
Yes, the big picture looks like it's going down. Kudos for making money on longside after calling for 1.24 by next week
*busts up laffing* Actually *ahem* ... that was for this week (1.24), heh. That was before the rumor hit though. But there is no way in Hell it's going to give up another cent, Il, no way. The USD is just too sickly and EU is not about to cut Jack Cheese. We'll be trading squarely in 1.23 by the end of next week. Sam