Commentary on the EUR/USD

Forexmentor.com Forex Trading Price Action

According to the 200 EMA on the 4 hour, 1 hour and 15 minute charts for the EUR/USD pair, well before today’s London open, we were to expect a continuation of the uptrend, as reflected by the 200 EMA. Well, we kinda got a sloppy uptrend continuation pattern form on the 15 minute today, wherein price decided to take out the expected low (M2) first, before heading north again. MACD had already neutralized, but the dumb money put a sell on the euro, after the London open,only to be taken out by a quasi-hammer at the M2 pivot point.

Today was declared an M2/M4 day because the close at midnight ET was higher than the open 24 hours earlier. When you see one of the extremes (M2 in this case) hit, it doesn’t necessarily follow that the other end of the spectrum will be achieved. The M2/M4 paradigm is effective approximately 50% of the time. This is just one of the gems you will find at: www.forexmentor.com

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