10:50 GMT March 20 -
Jay Meisler's Daily Forex Weathermap (Current rate 1.3202)
Mixed skies today after EURUSD failed to establish 1.3250+ in a market where you need a scorecard to keep track of the crosscurrents driving the spot market. On Tuesday, a weak AUD has been a leader while EURUSD s being dragged down in sympathy despite cross offsets (eurjoy is firmer as well but eurgbp is a touch softer). Note a risk off mood today.
One change from yesterday is that there are no obvious buy stops until Monday's 1.3265 high. Likewise, key support is yesterday;s 1.3141 low. This suggests a firm break of 1.3150-1.3250 will dictate what coimes next and 1.32 will set the bias going forwards. There is little to go after in-between.
Note the one hour chart (posted above) where the EURUSD recovery from the 1.3004 low has come in steps characterized by sharp spikes then consolidaiton before the next move. This suggests the move up has been driven by a short squeeze. Keep an eye on this pattern to see if it continues or is broken.
Range:
Resistance
1.3301
1,3265
1,3235-40
1.3181
1.3135-41
1.3104
Jay Meisler's Daily Forex Weathermap (Current rate 1.3202)
Mixed skies today after EURUSD failed to establish 1.3250+ in a market where you need a scorecard to keep track of the crosscurrents driving the spot market. On Tuesday, a weak AUD has been a leader while EURUSD s being dragged down in sympathy despite cross offsets (eurjoy is firmer as well but eurgbp is a touch softer). Note a risk off mood today.
One change from yesterday is that there are no obvious buy stops until Monday's 1.3265 high. Likewise, key support is yesterday;s 1.3141 low. This suggests a firm break of 1.3150-1.3250 will dictate what coimes next and 1.32 will set the bias going forwards. There is little to go after in-between.
Note the one hour chart (posted above) where the EURUSD recovery from the 1.3004 low has come in steps characterized by sharp spikes then consolidaiton before the next move. This suggests the move up has been driven by a short squeeze. Keep an eye on this pattern to see if it continues or is broken.
Range:
Resistance
1.3301
1,3265
1,3235-40
1.3181
1.3135-41
1.3104
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