Simultaneous Release at www.thegeekknows.com
The EUR/USD slips further today, making a new low of 1.4525.
As of now, it has not creep back to above 1.4600 as always. This may signal that we are opening up for lower lows.
Now, why is my chart drawn long then?
I have my own style and i stand by it. This makes me, me.
Looking at the S&P 500, we are nowhere near a bearish market.
The bulls seems determined to go up and away beyond 1080.
Similarly, oil and gold are near dojis, the bulls are fighting hard to make a comeback while the bears stays focused to make things happen.
To shed more light on my style, i always try to find patterns between markets. The world is one big market and we tend to find clues in one market and another.
Although the currency pair seems to be slipping further and further away from 1.4600 each day, i have yet to see a similar move across oil, gold and S&P 500.
I have heard that these dips may be nothing more than booking of profits of medium term positions. Nothing concrete, just hearsay.
I do agree that the longer we remain sub 1.4600, the more likely for the EUR/USD to crash down to 1.4400.
This may happen and if it does so now, with the other markets being above the critical levels, something is up and i will be there to find out why.
In the meantime, while we remain above critical levels across the different markets, the currency pair may bounce up to continue it’s ranging dance.
Remember, this is a decision you must make yourself.
Being off the top lately and i need to go on an ego trip. Ms Sleep has stood me up for many nights and if this goes on, it is over between us!
Time to relax after a long long day at work.
You can visit my blog for more EUR/USD and forex articles.
Discuss with me over at forums.fxinstructor.com!