It is what it is
Earlier I outlined that the 1.3202-10 area was a level where you could expect to see traders leaning. Well, traders leaned and took the price back to the lows. In fact, the price mad new lows for the day and even fell below the 1.1372 support.
This level was also outlined in the prior post as a support level that if broken should lead to more selling. Well, the price was broken,but the momentum lower was only good for 4 extra pips. The price is back to 1.3185.
The good news is there are those chances to squeeze out some pips. The not so good news is it takes some time and patience.
In the EURUSD, I quipped not long ago that the pair moved below the NY session lows and that the next target to get through was only 4 pips away. Sound riduculous but it was. Well. that target 4 stinking pips away, held support. We are only 8 or so pips higher but getting any sort of move is like pulling teeth.
Time....Patience.
The USDJPY? A triple high was made after Durable goods, followed by the selling on the disappointment of not breaking to new highs. Six hours later, the range is 14 pips and the triple top at 100.61 is still intact. Topside trend line is getting closer to that level. Let me guess, 100.61 will be taken out and the price will stall at the trend line at 100.63!. Ah summer time trading.
Be patient, but look to spend some time..... One day we WILL get a break and run.
