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My humble 0.02€: The price is leaning on big support right now that it had in 2004/2005. My guess is that people believe the price to be back to a "pre financial meltdown" state. But Europe is now in a way worse position (relative to the US) than before the meltdown. We are just now starting QE and haven't seen the kind of rebound in the PIIG economy that the US economy did. Greece might leave the Euro as well. IMO the price should go lower quite a bit still. But it seems others don't agree. Everything hinges on whether the price brakes through this support decicevely, because then it's going to be another round of freefall.
hey guys, don't know if this was answered somewhere.
But I been looking at Trading the EUR/USD Spot, using the 6E for movement and Volume. and so far going well. however, I still can't determine if the 6E Leads the EUR/USD or vice versa. I tried the same for 6B and others. can't figure it out.
Has anyone done such a thing, as trade EUR/USD while looking at 6E. I'm using uniRenko charts by the way. any thoughts?
The 6E follows the EURUSD. The volume on the pair can't be compared to the 6E volume, it's maybe 10000 times more (no idea the factor, but you have the scale).
If you meant : use the 6E volume & price action to trade retail eur/usd ... then I can say yes, that can be done. I often do that , retail forex follows 6E close enough to make that possible.
