Daily EUR/USD, GBP/USD Analysis December 13, 2013
The EUR/USD has a potential first push down today but it will be wise to keep an open mind today considering we are in the last good trading day of the year. I will have a bias for the next push down but still open for the long if we see the clear hourly stop run to yesterdays lows with trapping patterns during that hour. Getting the best entry is important and if we get the hourly close below during London it will solidify the short bias so if I am long I will close at a smaller loss.
If the Asian range cant widen like its looking right now the seeing them play the breakout traders to the lows and running to either the Asian highs or above at 1.3774 will be my preferred short trade. There is a chance they stop at 1.3762 also but the trapping will need to be clear and I will need a good entry getting my stop well above 1.3774.
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The GBP/USD has made the second push but has come into some heavy support so the end of week flows may just hold it above that today. My bias will still be for the short but there is a good chance that I get a good entry and it comeback and hit me break even. If it don’t and don’t move off nice before the end of the day the best thing is to close but if its only up 10 plus pips I will let it ride over the weekend. The best level for the short is 1.6367 at the hourly 200 ema but with the end of week flows we may see it get as high as 1.6392. I will also be open for the short at the manipulation box on the 15 minute chart but will want to see at least a 25 pip Asian range, which it is pretty close to now. The only level I will be willing to take a long from is the overall lows after the third push has finished. There is a decent chance for this during the US session if I cant get my entry short.
Forex News Today
There is nothing significant on the economic calendar today so barring any tape bomb things should be slow moving. Having said that it is the last best trading day and Friday the 13th so be careful out there. 😉 No Im not superstitious but being in the Philippines I see it all day long.
Have a great weekend
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