ridethepig | EUR Market Commentary 2020.01.17
Updated
Eyes on the NY session here with Euro approaching the 1.108/9x lows, I will be actively buying today and sticking with the bullish view with targets located at 1.124/5x.
You will see how large hands absorb all of the selling pressure and eat up late breakdown players expected an effortless momentum trade, whereas the reality is the strength of macro forces in play defending the area and will be beautifully demonstrated. The Seller realises the error of his way too late and began to run to the hills. The comedy goes as follows:
For example in this position:
The strength of the view can be protected in the fact that it is immune from the opposing breakdown. The distant view is decisive:
The key point here is that the calendar is light so we are trading technical flows, I am buying the lows at 1.108/9x with targets at 1.124/5x for the highs. While stops can be kept below 1.100x as it will take a break below to demand reassessment of the bullish view.
Good luck all those in G10 FX.
You will see how large hands absorb all of the selling pressure and eat up late breakdown players expected an effortless momentum trade, whereas the reality is the strength of macro forces in play defending the area and will be beautifully demonstrated. The Seller realises the error of his way too late and began to run to the hills. The comedy goes as follows:
For example in this position:
The strength of the view can be protected in the fact that it is immune from the opposing breakdown. The distant view is decisive:
The key point here is that the calendar is light so we are trading technical flows, I am buying the lows at 1.108/9x with targets at 1.124/5x for the highs. While stops can be kept below 1.100x as it will take a break below to demand reassessment of the bullish view.
Good luck all those in G10 FX.
Trade active
Note
German macro data continues to improve and expectations around European green shoots are starting to gain traction. However, despite demand picking up in EURUSD at the 1.108/9x lows, macro hands are still sidelined and waiting for ECB conclusions before breaching the highs. Given the current landscape, I remain bullish and continue to buying dips to average the 1.108x level.
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