EUR/USD long. Say what???
Hello traders.
Yes, I have initiated a long position. My second short reached 1.1085 overnight. In hindsight I should have used a trailing stop to bank more pips but a good night's sleep comes first.
Price reached several different types of parallel support.
*Monthly close August 2024 1.1047
*200D MA 1.1039
*Daily close Sept 3rd which was also a break pivot both ways
*8H close at Sept 2nd daily close and Sept 19 low(give or take a pip)
*An inverted head and shoulders formation on the 8H chart with a Doji closing candle
* Please take note of the Fibonacci levels and how they correspond with 8H and Daily levels
I initiated my long position at 1.1049 but will keep it on a short leash because:
Geopolitical risk is elevated in the Middle East after the Iranian missile attack on Israel.
CBOE VIX has popped to 20.76.
Domestically, the long shoremen port strike on the east coast is definitely going to impact the US economy just as global supply chains are finally back on track.
FOMC chair Powell threw cold water on the expectation of another big rate cut. Some cross currents ensued because DXY closed below weekly resistance of 101.33 and 10Y USD yield also retreated from resistance. Gold is ticking higher and Bitcoin retreated from the
65K level.
ECB President Christine Lagarde acknowledged yesterday that conditions are more favorable to ease monetary policy this month. Today, however, another member sent the same message as J Powell: The market should not get ahead of itself. Do not assume more rate cuts are coming after October.
All these factors should be considered but don't overthink it. Keep your eye on the price.
Expect more volatility with US ADP tomorrow and NFP on Friday.
Good luck all.
Yes, I have initiated a long position. My second short reached 1.1085 overnight. In hindsight I should have used a trailing stop to bank more pips but a good night's sleep comes first.
Price reached several different types of parallel support.
*Monthly close August 2024 1.1047
*200D MA 1.1039
*Daily close Sept 3rd which was also a break pivot both ways
*8H close at Sept 2nd daily close and Sept 19 low(give or take a pip)
*An inverted head and shoulders formation on the 8H chart with a Doji closing candle
* Please take note of the Fibonacci levels and how they correspond with 8H and Daily levels
I initiated my long position at 1.1049 but will keep it on a short leash because:
Geopolitical risk is elevated in the Middle East after the Iranian missile attack on Israel.
CBOE VIX has popped to 20.76.
Domestically, the long shoremen port strike on the east coast is definitely going to impact the US economy just as global supply chains are finally back on track.
FOMC chair Powell threw cold water on the expectation of another big rate cut. Some cross currents ensued because DXY closed below weekly resistance of 101.33 and 10Y USD yield also retreated from resistance. Gold is ticking higher and Bitcoin retreated from the
65K level.ECB President Christine Lagarde acknowledged yesterday that conditions are more favorable to ease monetary policy this month. Today, however, another member sent the same message as J Powell: The market should not get ahead of itself. Do not assume more rate cuts are coming after October.
All these factors should be considered but don't overthink it. Keep your eye on the price.
Expect more volatility with US ADP tomorrow and NFP on Friday.
Good luck all.
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