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I said yesterday that the price may test the 1.4843 area and it did.
Coming along, 1.4719 was tested too.
The S&P 500 currently heads towards 1040. The market did not take the drop in Personal Spending in the US well. After all like i mentioned, consumer spending is important for a healthy economy.
Oil has dropped to $76+ while Gold suffers at $1039+.
Let us not forget that today is Friday. Profit Taking Day! The big boys really need to cash out for drinks you know ~ Expect bearish pressure from here as well.
The market clues that we pay attention to seems to be entering into a consolidation mode.
This is not surprising considering that we had good and bad economic releases throughout the week.
I have noticed that bad news still apparently sparks the US Dollar to strengthen and hence the Risk Aversion theme seems to be still around. This may be the culprit that stopped the EUR/USD from climbing today when German Retail Sales unexpectedly drops.
Do note that once again the lines of 1.4843+ and 1.4719+ plays an important role, often acting as resistance and support.
With the other markets apparently consolidating, EUR/USD may behave in a similar fashion.
If so, we may be capped between 1.4719+ to 1.4843+. Having say so, remember that forex is never about a single pip and hence be prepared for spikes / dips.
One point to note however that we are LOADED with important news next week, including the US Federal Funds Rate, ECB Minimum Bid Rate and * drum rolls ………………….
NON FARM PAYROLL !!!
Free wild roller-coaster ride! Margin calls to be won too !
If any of the market clues makes a move, monitor the currency pair closely too.
I feel tired! I won’t be able to climb and hug on to the tree now even if its to save my life!
Have you watched the Japanese movie series Death Note before? Death Note 2 is currently on the TV now and i wonder what will it be like if there is a Pip Note.
Basically you write the person’s name in the book and he gets a margin call! You don’t even have to know the person’s broker!
This will cause a new financial breakdown~!!! Hmmmmmmm
TRADE SAFE !!!
Read more Forex Articles and Views by The Koala at www.thegeekknows.com