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interesting just as one could think all the "down" is priced in the euro.
Euro is above the 50 & 21 day DEMA but bounced off 125 Day Dema. Over the last week it failed to close above 1,1 three times.
Today so far is an in side day and smallest range over the past 5 days SO this could imply a big move.
could try to argue: up, down or side ways. but who knows.
and it looks like its breaking below the neckline.
excuse the rough text on the chart. the euro has put in a couple of lower lows and lower highs. I fooled around with the OBV indicator for the first time today so correct me if I am wrong but it appears to show that support is flowing out of the euro.
as tigertrader pointed out in his thread, the FOMC stopped the euro in its path during the last meeting but now it seems that the market is evaluating the situation, which is Fed has removed patience from their policy statement, which is a step towards increasing interest rates, ECB is printing money, Japan is printing money, Greece is flirting with leaving the Eurozone.
what the euro didn't do today so far is break above or below yesterday's high and low even on the weak US data it found resistance around 1,0800. very narrow range. Is this easter week participation or is volatility building?
crap, I wrote quite long post and chrome crashed in very short there is even bigger short bias today guys
may look for long around 1.0850 area - but I'm all of my sim longs but watch out with long term shorts is what I'm trying to say
it looks to me we've been consolidating for quite a while, slight break out of consolidation yesterday, probably come back into it before something happens. on the daily chart though, this is the first we've been above support of around 1.6 since December, for whatever that's worth. We just need a solid negative US econ #, and we'll get a little bump higher.
I've been looking at forex volume (I know oxymoron) a bit and since FXCM tries to it's real volume it's worth looking at as a bigger picture, here are 2 nice charts: