Well, I'm admittedly very new to forex, and trading in general, but its pretty rare that I see a huge spike like this without understanding why it happened.. The price hit 117.00~ and dropped by 100~ pips, why did this happen? Beau L
Common FX strategies include round number reversals and the Asian range breakout. This mean that once a pair trades outside of its Asian range all the traders in London pile on in that direction. Phil Newton has a website http://www.trading-strategies.info. Check it out he does a good job of explaining these strategies.