Weekly Price Action & Ichimoku Outlook July 30th - Aug 3rd

price action trading 2ndskiesforex.com july 30th

After forming a new yearly low last week, the pair produced its strongest 3 day climb (from top to bottom) for the entire 2012 year which is impressive considering the economic situation is far worse than it was in 2011.  I suspect this was more of a short squeeze than anything, and am really just waiting for the shoe to drop (any) which means either Spain asking for another bailout and admitting they are broke, Greece leaving the EZ, or Germany not wanting to bail out any more countries.

Regardless, I’m taking the sell rallies approach, especially considering the range of the last two days which is a choppy range with the 1.2389 highs and 1.2224 lows.  Intraday players …

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