After
EUR/USD broke above the resistance level at 1.2700 and peaked to 1.2885 we are
now seeing some retracement back to 1.2700, which has become a support level.
Should break below that support level I assume it will continue to 1.2500, but
if it bounces back it might indeed reach 1.2900. Either way, the EUR/USD
correction continues and we might have to wait for some time before it ends.
Personally, I am not too fond of trading correction after its first few days
because the market becomes too volatile for my taste, but I wish good luck to
those who are.
Caution is the watchword!
ReplyDeleteA correction with lots of volatility.
ReplyDeleteEURUSD yesterday rose to 1.2886 following the unexpected news that US Advance Retail Sales fell by more than predicted in September. Most economists had already estimated a 0.1% fall in September, but sales fell by 0.3%.
ReplyDeleteAlways enjoy… Thanks!
ReplyDelete