ALL EYES ON DRAGHI AND THE EURO TODAY AS TRADERS AWAIT THE ECB PRESS CONFERENCE. SO THIS PAIR WILL PROBABLY MOVE AFTER THE PRESS CONFERENCE. GETTING IN NOW WHETHER YOU ARE A BULL OR A BEAR WOULD BE SUICIDE AND NOBODY WANTS TO BE CAUGHT ON THE WRONG SIDE…ANYWAY SO LAST WEEK THIS PAIR WAS SOLD OFF AFTER REUTERS REPORTED UNNAMED OFFICIALS WERE CONCERNED OVER THE STRENGTH OF THE EURO, AND IF SUCH COMMENTS ARE REITERATED TODAY IT WOULD CERTAINLY PUT A SMILE ON DOLLAR BULLS BECAUSE THE EURO HAS SHOWN SOME SUPER SAIYAN STRENGTH FOR TOO LONG NOW! MARKET WILL ALSO LOOK FOR SOME CLUES REGARDING TAPERING AS THE CENTRAL BANK INDICATED IT WOULD BEGIN TAPERING ITS EURO 60B ASSET PURCHASE, HOWEVER THE MARKET NOW ANTICIPATES THE TAPERING COULD BE DELAYED UNTIL THE DECEMBER MEETING…WITH THAT BEING SAID BE CAREFUL OUT THERE, AND FOR THE DOLLAR BULLS MAYBE TODAY IS THE DAY WE TAKE CONTROL OF THIS RELATIONSHIP!!

EURUSD DAILY

MARKET IS BULLISH, 21 ABOVE THE 55. PRICE IS BULLISH. THE 21 IS ACTING AS DYNAMIC SUPPORT. RESISTANCE IDENTIFIED AT MM3/MR1/M4. SUPPORT IDENTIFIED AT MPP/MM2/MS1.

EURUSD H4

MARKET IS FLAT, MOVING AVERAGES ARE FLAT. RESISTANCE IDENTIFIED AT WM3 WHICH COINCIDES WITH MM3. SUPPORT IDENTIFIED AT 1.1880 AND WM2. MY PLAN IS TO TRADE AFTER THE NEWS EVENT AS I AM A DOLLAR BULL, HOWEVER I HAVE IDENTIFIED POSSIBLE SCENARIOS THAT CAN PLAY OUT.

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