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I think we'll see 3500 today, and if we do I think we set this week up for another bear week, possibly seeing 3200.
If we don't, then 3700 is likely but there is a great deal of resistance up there in my opinion. I think if this is the start of a new bull period it will take a day or two of settling before really moving higher (ie 3800).
Yesterday we had a big move up.
So a PB is what is expected.
3550 was a S/R zone in history, so the market could remember this. (look at the left side on the chart)
And when the market has more a short term memory, then this would be 3510.
This is simplified and the levels are not lines but zones.
Trading the spot currency market and taking cues fromEUR/USD » FOREXMILLION - forex forecast, trading signals, which on a slow news day (which today is not, it appears) seems to get the tipping points right more often than not, I've been long EUR/USD since the pivot (printed at 1.35673 on an NT 1800 tick chart) with 1/4 position targets at 1.36715 (MM 4/8), 1.37000 (obvious reasons), 1.37940 (MM 5/8 33 pips above R1) and 1.3889 (R2). Manual trailing stop fluctuates but mainly placed 2 pips below last retrace, presently 10 pips below price (currently~1.3656 @12:28 EST and contracting)
Edited to add: that said, am watching CNBC for news about the vote in Slovakia :-/
Edited to add: after slippage stopped out at 1.36445
Finally: due to volatility got in at the pivot in the right direction mostly by luck. Looking for a short now, in partially at 1.3641 after 2 consecutive divergences in the double stochastics but again, given the volatility, that can change in a heartbeat--may decide to sit on my hands if it starts to consolidate. Not expecting any mega trends today unfortunately, unless spot price breaks below 1.3525 per the source referred to above. Eventually all in (short) at 1.3668 with a break-even + 2 pip initial stop, waiting to decide on a target profile.
ETA: in the money when the Slovak vote went south around 4pm NY time so took 1/8th profits after 30 pips (1.3638). If price does break below 1.3525 it may turn into an interesting trade.