Price hit 2.0574 and retraced with 300 pips after a rout of profit taking and carry trade unwinding. If more financial institutions release bad figures, we can assume that more carry trade unwinding will take place until the various central banks decide to pump more liquidity into the market.
Now we daytraders are between a rock and a hard place in terms of volatility. The risk of a non-trending market just got amplified. Therefore we will stand aside at this time.
Disclaimer: All statements and expressions in this analysis are opinions, and not meant as investment advice or solicitation. Forex can be volatile and opinions may change without notice
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