Reminiscences of a FX Operator
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Thread: Reminiscences of a FX Operator

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    For the previous two weeks we saw Euro jumped from the Yen from the low of 151.70 to attain a top of 161.10 last week. This means that the price briefly touched the 61.8% retracement level of 160.93 (166.65 to 151.70) but vendors and profit-taking quickly came in and almost instantly in the area of 10 minutes as the pair dropped about 100 pips during the sale process. Failure at 160.93 also suggests a possible double top chart pattern is formed on the daily chart.




    The two-week rally also saw the pair divided over the 55-EMA on the weekly chart. Looking at buying momentum around the 4-hour and daily MACD weakening along with the new up cycle appearing extremely overbought, I reckon that the prejudice might be shing towards the disadvantage this week. Expect to see support around 158.88 using a break under 157.50 should affirm the selling momentum. Intra-day upside resistance seen at 160.17 with a break over 160.53 should reevaluate the swing high at 161.10.

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