i have quite a few readers asking me about what do i mean when i said that the last time the price was here, it took quite long time to move on in my latest EUR/USD Weekly Review. Therefore i decided to make a chart of it to show things in a clearer picture.
We are now in the same price region as the area i circled. The circle is about 1.5 months and that is a long time! If you look further back, you can see the price creeping up to the same region and whipsawing in a bigger range.
Therefore we are looking at a possibility of having extended ranging. Of course, past experience is never a confirmed indication of the future and hence we still need to diligently do our homework. If we do get continued apprehension in both the US and EURO zone, the two may cancel out the effects resulting in a range.
Having said so, as usual any adverse development may make short of the boundaries.
Read the latest EUR/USD Weekly Review for the in-depth review.
Do join our free mailing list for exclusive updates!