Significant Selling near $1.0300.
July, I noted that the level at $1.0121 looked attractive for a short trade entry but that if the price got established above $1.0121 later, it would signify a much deeper bullish retracement.
The level at $1.0121 in the end was not important at all, with the price easily blasting past it, but I was correct about that being significantly bullish, as the price continued to advance over the next days. The technical picture now is different, as although we have seen the Euro make repeated attempts to rise against what has become a weaker US Dollar, bulls were simply not able to get the price beyond the $1.0300 handleOn the other hand, This combination of strong buyer with strong sellers produces a no-man’s-land area Despite this overall consolidation,
the shorter-term picture looks bearish, with the price breaking below $1.0211 which has held as resistanceThe best strategy today will probably be to look for a reversal off any key level and trade in the direction of the reversal, while being conservative about taking profits. Anyone trading without levels right now should be looking to short on minor pullbacks as they reverse back into the trend.
Any surprise from the Bank of England later could also cause volatility in the Euro, so that is worth keeping an eye on.Ready to trade our
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