Daily Analysis EUR/USD, GBP/USD February 11, 2013
The price action on the EUR/USD Friday hasn’t really cleared things up much. What is the clearest way to be looking at it now is having 2 pushes down with an incomplete push Friday. It seems as if the big boys have totally forgotten about the USD for the last few weeks which makes the levels harder to see. With the close below Thursdays lows it negates any bottoming formation so my bias is for the continuation short today. What does concern me is the EUR/GBP has a clear 3 pushes down and may be do for the reversal.
Having said that I also need to keep in mind that the EG is one of the few pairs that will make extended pushes on a regular basis, therefor the short bias remains but is weaker than a normal 2nd push scenario. As long as this breakout level can hold during the Asian session (which don’t look good at the moment) the Asian highs or the 1.3392 level looks the most promising. With the 1.3400 just above the manipulation will need to be clear and in all reality could occur anywhere in the range as high as 1.3427 so that’s what I will be looking at most. I will be open for a long position with a stop run to the lows Friday but I will also be watching it carefully if I do take a long.
The GBP/USD looks quite a bit clearer today with a second push up and a daily level it has a good chance to reach at 1.5878. My bias is long this pair today and will be the one I watch most. The levels I will be looking to see the manipulation will start at the Asian lows of 1.5779. However having the 1.5773 support and breakout level of 1.5765 just below I will want a good entry to keep my stop well below those levels if they want to test into them.
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Forex News Today
There once again is no high impact news events on the calendar today so movement should be price action based rather than news driven barring any tape bombs from the Euro Group Meeting. Of which we have a lot of lately so I will be keeping an eye out for them to create the manipulation.
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