June 25 2021
Oh, how I pine for those crazy days of 2-way volatility. I despise this torpor that we now call consolidation, that follows a few days of decent activity, even if the moves are one way.
There used to be a time when prices would consolidate in 70 or 100 pip trading ranges. What have we got right now? 1.1935 plus or minus 15 pips.
You ain’t gonna make a living in this sh**.
It seems to me that the forex market has become a shadow of its former self. Traders need to be spoon-fed direction by a bunch of civil servants. Sorry, I meant to say Central Bankers. Tips for new traders, stop thinking for yourself and believe whatever the FOMC says.
Central Bankers have squeezed the life out of forex volatility. Enough of my bitchin’ and moaning. Let’s get on with the technical analysis.
EURUSD has found some decent support at 1.1910/20 and has provided a base for a test of resistance at 1.1950/60. I am hopeful that we get a break higher to attack 1.1990 on the way to my pivotal target at 1.2040/60. This would satisfy me that the correction from 1.1850 was over. From 1.2040, I would then look to target the downside again.
However, if support breaks down at 1.1910, you will likely see further losses to 1.1780 and even to the lows of 1.1850. however, this is not my preferred scenario. Yet!
Once the current correction ends at 1.1990 or 1.2040. I am looking for more dollar appreciation to test 1.1840/50, then 1.1790 on its way to 1.1720. Maybe the next NFP or US CPI will be the trigger for a stronger USD.
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