The 1.2238 level has proven to be a very strong support area for the EUR/USD currency pair. This is telling us that despite the dramatic plunge from recent highs, bullish traders feel very comfortable gobbling up pips at the 1.2238 area. They could be unloading these pips at the 1.2274 level, which is the resistance area on the one minute chart. So, bullish traders turned into bearish traders as soon as the Market Genie pushes the market to the 1.2274 level.
The majority of king fish (bearish) traders are still waiting for the Market Genie to push the market down beyond the 1.2238 level. They may be in for a temporary treat from the Market Genie. This is because today is Friday, February 9, 2018 and the Friday pullback will begin to play a role in where the market ends up.
The Friday pullback is usually a bearish action by the Market Genie, although this phenomenon has ended up being bullish at times, but based on the current personality of the market, the BlockchainStar trading team is expecting a bearish end to the day as opposed to a bullish one, with the market probably ending up around the 1.2232 area for the day.
As always, BlockchainStar Girls and Star Boys, put risk management first on your trading things-to-do list. The Trailing Stop has prevented many catastrophes in trading. So, employ it as your risk management tool.
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