EUR set for 12th bearish week against the Dollar
Updated
Huge beat on US jobs number sent the Euro tumbling in afternoon trading. It did start the week positive and was actually green in pre-market trading Monday, but that didn't last long and after it closed the day down 113 pips it spent the rest of the week trying to recover.
Tuesday put in an interesting looking low, constrained to a 45 pip range followed by a defence of that low in the early hours of Wednesday morning. Once it rallied on the open I was able to take it long from 1.04690, scaling out as price broke 1.04850 with my final sell at 1.04950. I captured about 3/4 of the total move that day and as price ranged into the close I was happy with the profit.
There were more gains to be had however, with Thursday green in the New York session. The chop didn't allow me to take a position but coming into today I had a bias of reaching the weekly open and got long at 1.05521. The move was short lived and after moving to B/E I got hit just before lunch.
The jobs news dropped price over 60 pips and it's now trying to gather itself around 1.05050.
There are a few hours left before the New York close but it is looking very likely we'll be set for a 12th straight red week, an unprecedented slide and one that shows no sign of letting up?
I'll still be looking for longs into next week, if we can post a positive Monday then price may be able to build on that and start to recoup some of the losses. With the US closed for Columbus Day and with a light news schedule to start the week, it may be a prime time to take a position.
Tuesday put in an interesting looking low, constrained to a 45 pip range followed by a defence of that low in the early hours of Wednesday morning. Once it rallied on the open I was able to take it long from 1.04690, scaling out as price broke 1.04850 with my final sell at 1.04950. I captured about 3/4 of the total move that day and as price ranged into the close I was happy with the profit.
There were more gains to be had however, with Thursday green in the New York session. The chop didn't allow me to take a position but coming into today I had a bias of reaching the weekly open and got long at 1.05521. The move was short lived and after moving to B/E I got hit just before lunch.
The jobs news dropped price over 60 pips and it's now trying to gather itself around 1.05050.
There are a few hours left before the New York close but it is looking very likely we'll be set for a 12th straight red week, an unprecedented slide and one that shows no sign of letting up?
I'll still be looking for longs into next week, if we can post a positive Monday then price may be able to build on that and start to recoup some of the losses. With the US closed for Columbus Day and with a light news schedule to start the week, it may be a prime time to take a position.
Note
Wow! What a turnaround. I'm really surprised it managed to rally post NFP drop and actually close the week green. After 11 straight weeks of falling though, I'm currently sceptical this could last? The weekly candles certainly looks attractive, but i'll be cautious heading into next week. Long's still preferred but we need more confirmation.
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