Correction on Euro

Seems like the retracement up this morning was only a correction within an impulsive move down. The correction hit 50% from the high and low of this morning as shown by the chart above.

Swing Trading GBP

Retracement level for the Pound is 18341 & confirmation is at 18189.

Swing Trading Euro

For those of you wanting to open a swing trade on the Euro, the retracement is 12706 and confirmation is 12593.

Commercial traders are clearly back at work

Seems like the commercial traders came straight in and started shorting today. Todays support & resistance for the Euro are quite narrow and that is due to a the trading range yesterday being so tight.
Below are todays key levels although at the time of writing this we seem to be going through all of them.



Above are the Euro support & resistance areas for today.