This pair likes a scary move these days.
Another crap out in the afternoon US session saw the 95 area lit up but we only got as low as 95.59.
The support line from Feb is still holding and giving buyers the opportunity to get in and the pair hasn’t done bad in squeezing out the shorts by tacking on 150 odd pips.
Looks like 97.00 is the place where the sellers like to come back in and this has shaken out the longs from down below. It’s a recurring theme.
Go sideways, dump, jump on, shake out, rocket, jump on, shake out, go sideways.
Support and resistance bands have widened due to the volatility. Decent support is down at 94.72 while above resistance first comes in at 97.74 then 98.15.
I’m still not liking these violent moves lower which have come in such a short space of time. There’s fear in the market and I don’t think we’ve seen the end of such moves.
I’m still going to start building longs towards 95 but I’m more worried about falling through 90 than I am about getting back to 100.