Hello everyone, I hope this week has been a good trading week for you.
Our cable pair made some nice moves starting out on monday with 82 pips and closing tuesday out with 142.4 pips heading down and crossing the 200 SMA but rising quite sharply for a retracement reaching a high of 1.5759. Into Wednesday the pair held a descending accumulation period until we saw some serious volatility with a sharp move down to 1.5652 and then to reverse up to 1.5778 and then reverse again back down and test the same level again at 1.5652 but never breaking through for the day.
Thursdays break down and continued accumulation into Friday below the 200 SMA encourages some strong indication that we're going to headed lower even with Euro Zone G20 meeting going alright and the markets rebounding to this news. Also looks like the Fed will be printing more cash and getting ready for QE3 to stimulate the economy and get our unemployment back below 8.2%.
Our 5 day average range about 115 pips which is just below Eur/Usd pair range at 133 pips for the week.
have a relaxing weekend!
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