Watching the EUR/USD right now...with the US econ crap that's going on and the push through the 38% of the latest EUR/USD decline, I feel the need to go long. However, I really don't have any solid (and by solid, I mean tested) support/resistance to depend on so I will hold off for now.
DailyFX is calling 145.5ish a support point...and I can see that on the hourly charts. Still not enough to trade this, at least not yet. I would like to see a pullback and bounce to either daily lows (146.10ish?) or to said 145.5ish support lines to provide conviction for a long trade up to the 148.5-149 area.
Just putting this out here. I want to trade it but won't, not until I can pull in some confirmation. I think this confirmation is especially valuable in times like these, with the USD swinging all over the placed based on someone, somewhere (Washington DC?) saying something :)
I'll keep watching for now...good morning!
