Technical Analysis v Fundamentals, OR ratio

This is a discussion on Technical Analysis v Fundamentals, OR ratio within the General Trading Chat forums, part of the Reception category; Originally Posted by Brumby This news slipped through my radar. I was short last week on the EUR but closed ...

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Old Nov 15, 2017, 6:49am   #31
FXX
Joined Oct 2017
Quote:
Originally Posted by Brumby View Post
This news slipped through my radar. I was short last week on the EUR but closed out my position before the week was up as price action suggest to me that demand was coming in. A 135 pips run on a 0.8% print vs 0.6% expectation seems excessive reaction. There must have been a lot of short covering.

An interesting article on the technical picture "head and shoulder failed".

Click the image to open in full size.
It does seem excessive. The market seems to want to buy euro but there just isn't a fundamental reason behind it. My conclusion, and I spent 2 hours last night trawling the data and watching the latest ecb conference again, is price pullback. I am going to go over the data again this morning with a fresh head and devise an entry plan to the short side. Ultimately they are diverged with the fed and there is no self sustained inflation taking place.
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