This is a simple description of the long term projection for this market. For more details take a look and subscribe for my daily analysis bar by bar. Remember that the market tells a story and the story unfolds bar by bar.
The market is right below the support of channel 2.
How do you see it prior to the FOMC tomorrow?
IvanLabrie
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I suspect we will see an euro rally, based on multiple euro pairs, gold, the dollar index chart, and the stocks.
TheShakeOut
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I think so too. But I am very suspicious about the rally the Euro has had so far. I see a lot of supply on smaller time frames, it is like it is being marked up. We could have a gigantic upthrust tomorrow.
Do you expect more continuation of this up move?
IvanLabrie
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I do...but not sure about EURUSD, there are safer pairs to trade to exploit the EUR strength....like EURAUD soon, EURNZD and EURCHF.
IvanLabrie
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TheShakeOut
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IvanLabrie, I follow the EUR on the EURUSD only, and it looks weak, it seems like it wants to confirm my suspicions and head lower. How do you see it against the other currencies?
IvanLabrie
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A very strong uptrend has formed in eurnzd, probably eurchf and eurgbp soon.
EURAUD might take a bit longer but it's getting there. GBP has some strength, but it looks like it contains more floating supply.