EURUSD for 12/09/2019

#DOW #SP500 Given events in the ‘Scottish Law v English Law, Boris v Parliament and UK v Europe’ shambles, it is probably safer to look outside the UK for signs of sanity. We’d glanced at the Euro / US Dollar pairing in March, projecting traffic down to 1.10 with this level successfully achieved. The drop exceeded our initial target on the first downward surge, generally bad news.

What does this mean?

The chart above shows movement for this pairing during the day on August 30th. The point at which our target 1.10 was achieved saw the pairing fall to 1.096, thus breaking the target and implying further weakness is possible. In the period since, the pair has bounced rather unconvincingly above and below our 1.10, thus tending to confirm it was indeed a valid target, along with signalling trouble ahead. The situation now appears fairly straightforward.

Below 1.092 should trigger further reversal to an initial 1.0635. If broken on the initial surge, our secondary is at 1.0494 and we now expect the pair to enact a bounce at such a level, if only to confirm the long term RED uptrend (from 2002!) has been broken. Effectively, this gives the hope of a bounce from 1.0494 up to 1.09 or so.

At present, to escape this quagmire, the relationship needs strengthen above 1.1240 but visually, there’s nothing significant which gives hope.

In summary, we’re all doomed…As usual.

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

9:53:01PM

BRENT

60.7

               

‘cess

9:56:53PM

GOLD

1496.79

               

9:59:01PM

FTSE

7358

               

‘cess

10:02:52PM

FRANCE

5621

               

Success

10:06:07PM

GERMANY

12392

               

Success

10:07:50PM

US500

3002.07

2971

2959

2944

2990

3004

3035.25

3067

2971

Success

10:11:51PM

DOW

27159

26836

26737

26596

26989

27158

27308.5

27605

26870

Success

10:18:31PM

NASDAQ

7890.19

               

Success

10:32:03PM

JAPAN

21677

               

Success

 

11/09/2019 FTSE Closed at 7338 points. Change of 0.98%. Total value traded through LSE was: £ 7,289,107,172 a change of -4.98%

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