It has been sometime since we had a daily review. My sincere apologies. Times have changed since years ago when we first started. Nowadays, i am weaker in health and sometimes as much as i want to, i am not well enough. With the precious little time especially during the weekdays, i usually lie down on bed from a bad migraine. Having said so, my commitment to you folks is still the same and today i will like to share some thoughts!
Looking at the EUR/USD H4 chart above, i am pleased to announce that I LOVE IT WHEN MY RED LINES WORK !
( For folks who are new, these red lines were drawn from my past observations of potential support and resistance lines over the years )
The currency pair is currently bounded between 1.4565 +/- and 1.4445 +/-, probably due to a lower volume from the 4th of July US Holiday.
Since the beginning of the week, the EUR/USD has been slipping lower as the market eases off from the knee jerk reaction brought about by the positive sentiment towards the Greek budget deficit crisis. Furthermore, the Euro Zone Retail Sales came out weaker than expected and that will most likely further dampen the risk appetite.
It was also reported that China's effort to curb inflation are causing concerns among investors due to the possibility of a reduced growth potential for the major economy.
1.4445 is a previous low and should it be broken, 1.4 will probably be tested next.
Trade Safely.
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