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looks like it tried to set a bottom yesterday @ start of asia session around 1.2358
This morning between 10 and 11 it dialed that in with a push up then a push down with a center around 1.2363
I am not in but would be biased to the up. I think it will make a go at the trendline and the 1.2335 low @ the 10am bar is a bottom for now. Picture 3 shows how 1.2335 was an over reaction and how price has acted previously when this happened. Good entry for a long. Tight stop in case some politician speaks.
“Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.” - Dr. Seuss
I was surprised the Euro didn't take out the Buy Number during Thursday's session, just 7 ticks shy. When tonight's Asian session started drifting lower toward today's number (3 ticks below yesterday's) I caught a ride down, when it got there, "they (we) bought 'em all." If this market returns to the 1.2330 area before/during the European session it might just continue down, we'll all find out sooner or later. I'm happy to hang up my jock strap for the week right now, but I sure like to trade. The first chart is the week from Sunday to "right now." One thing I notice is the, late in the session, near the close, shift of the POC from 1.2400ish to 1.2360ish. If this market drifts up that way, I would expect the Pivot to pull price up, if it does, that would be about dead center in Yesterday's Value Area, a good place to be for a NFP report, IMO.
I'm just talking out of my hat here, but that's what I'm looking at.
Now I'll tell you what I really think! I think the "powers to be," have done a pretty good job with this controlled free fall. I believe the "buzz word(s)" of tomorrow will be, The Queen's Diamond Jubilee. If I wanted to break some news about the Euro, I'd do it no earlier than tomorrow afternoon, maybe after the close. London will be a huge drunken party for the next four days and the banks (everything) will be closed Monday and Tuesday. We all know everybody has their eyes to the sky waiting on the ECB to fire a shot across the bow. I think it will come this (..... long.....) weekend, when the markets will be thin for a few days, and by the time Wednesday rolls around "Damage Control" will be a non-event. I'll go out on a limb here and predict Friday's trading range a carbon copy of today. If it weren't for that new low, I'd say a "inside bar" for the daily chart.