EUR crosses/EUR/USD

My EUR cross positions take a beating

  • EUR/GBP accelerated lower once below .8100 and now targets support at .8050/60:
  • EUR/AUD wiped out support levels near 1.2420 and is now eyeing further strong support near 1.2330:
  • EUR/JPY is the only one obeying the script, stopping at 108.00 before pulling back to test support at 106.50.
At the moment I think the market’s reaction to Draghi’s comments is just a typical attempt by the bears to regain control. Real demand for EUR/USD still outweighs supply and even though there were negative headlines last night, there are likely to be fewer and fewer over the next few weeks, thereby taking away the fuel for bearish momentum. 
I’m sticking with my long EUR plays for now at least.
  1. that rally after the rate decision messed my short and stopped me out, after that i didnt touch it anymore…

    about NFP idk what to do, last time we had a sell off after higher than expected numbers, but ive seen a sell off on lower than expected numbers, so.. i better stay out of eur tomorrow, better to play with usd jpy

    any thoughts Sean ?

  2. That’s the problem with having positions going into risk events, always risk of getting stopped out on spikes. I try and keep positions small enough around those events to avoid nasty spike outs. Sometimes easier said than done I know

  3. Sean,i have this niggly feeling that NFP’s is gona roast the euro some more,it is only a feeling but good luck with ur longs.Moi waiting till after the data to deal.

  4. Cheers Banya, I will probably reduce a bit just before the event then I can have a restful w/e. Agree shud be some excellent opportunities after the data but I’m too old and too tired to stay up for it

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