EUR/USD, GBP/USD June 28, 2013 Analysis
The EUR/USD today went into a chop thanks to the EUR/GBP having a fit due to a miss on the UK GDP figures. We did get a nice entry short during the live room yesterday. It wasn’t at my preferred level but was a nice entry with some great manipulation candle patterns. However the darn thing went 20 pips our direction then came back and missed my stop by just a couple pips, went down again and got to the level to move to break even and tagged me while I slept. Of course going to my preferred level. I know you guys are going to say they are watching me again but I refuse to believe it 🙂
I will be bias for the short again today but being cautious with it being Friday. Next week is nonfarm and they may just keep chopping it around unless there is a tape bomb of sorts. The level I will be looking to short from is just above my preferred level in yesterdays commentary at 1.3057. It could turn lower than that but I will need some clear patterns to take the trade without a stop run. I will also be open for a long at the 1.3000 level since they seem to not want a drop below there right yet. However with a days worth of loading up they just may do it today so I will be watching that hourly close also. A nice hourly stop run to there with some 15 minute patterns inside, a good entry and I will take the long.
The GBP/USD made a clean second long term push and also has about another 100 pips to drop before it finds the daily breakout support. My bias for this pair is for the short also today. There are only two levels I see good potential for the entry and as long as the Asian session keeps up this drop the highs during the end of the US session will have the best potential. If it does stop here and cant widen that range then it has a good chance of testing above to the 1.5296 area. Again with it being Friday I will be cautious and be watching the hourly closes.
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Forex News Today
The calendar looks pretty busy today but there really are just a couple events worth mentioning. The London session is bare of anything other than housing data that probably wont have any impact. While the US later has Fed member Stien speaking and Michigan Consumer Sentiment. I have my doubts either of these will do much since the Michigan figures are known by all the big boys well before the release and I can just refer to yesterdays comments on the Fed regarding any speeches in the near future. Just a bunch of gibberish to me.
Have a great weekend
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