Stay Out Of Minefields
Stay Out Of Minefields
The EUR/USD just fell off the plate after the ECB’s surprise decision to cut interest rates by 25 bps. Equities jumped higher across the board and our hammer long on the daily spoos is looking pretty good right now. But obviously that may instantly change around 8:30 when we’ll get the U.S. GDP numbers:
That ought to be good for a few wild gyrations. I don’t see any benefit in taking on short term positions in this minefield, so let’s just sit this one out. Sometimes the best thing you can do is to absolutely nothing.
UPDATE 8:47am EST: The EUR/USD is touching daily and weekly support:
Now I’m not suggesting to step under a falling sword. Let’s watch this for a little and see if she sticks. Perhaps watch the hourly for a buy signal in case a little bounce materializes.
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Cheers,
