Irrational overextensions ‘too far, too fast’ Eur/usd Afternoon Commentary

The Case for Eur/usd

Ive been Paying close attention to Euro today for buyers to build a new value area above 1.3495 this morning but since we popped to new highs around the 12.30 GMT mark we have since began to sell of aggressively . Euro Traders Now need to Keep a close eye on the 1.3428 support.

key daily resistance / Supp levels at 1.3495 and 1.3428.

Sellers got hammered last week and will look to re-emerge hoping to fade the potential ‘overbought’ rally this Could well be the start of it if you look to a 1hr (  low high ) in formation – So the 1.3428 is pretty Key on the break down –

As per earlier Post on #Cable I have entered a Swing short of the 75s breaking down adding Euro evidence into the mix – I will how ever be watching EURO support level closely for further evidence that we could have potential short term counter weakness setting in to manage this  gbp/usd  swing position .

Chart to follow soon


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