Euro on Fire

Folks the Euro has been on fire today, as markets are experiencing a massive disconnect. NOTHING worked properly today. Everything is out of whack. Markets going down and euro going up, and many other things that are not working “right”  Banks are scrambling for euro’s and this caused the rally that is so very powerful.  Look below at this current chart of the one hour euro dollar.This has crushed the shorts and those that were caught short and they are scrambling to get out ASAP. This has the look to me of the “pause that refreshes” to the upside. Yeah, I know there are harmonic patterns on it suggesting lower, but they don’t always work. Notice that this is consolidating in the upper 15% of its range. It is NOT offering pullbacks. In fact it may not even pullback to the box I drew in, but my expectation is that if it does it will just touch the rising MA through time decay (sliding sideways through time) or a MILD pullback and then burst higher for another move north of much strength.  Keep your eyes on this one. A break above previous session high with force will add fuel to the fire. Maybe it will break the hourly pivot bar and run towards 124 but I do not expect more than that.  Till next time, Michael Storm.

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  • Fxpro888

    Banks are scrambling for euro’s – please explain what this means? why would banks be scrambling for euros. do inform us. thank you.

  • Ref

    NFP report will be $ negative until it actually comes out…
    in my opinion…

  • Could not agree more, spot on.