Loads of economic data tonite from EU & US as well as UK.Expect...

Loads of economic data tonite from EU & US as well as UK.

Expect this to really chop the market up.

Looking at the technical aspect on the EUR/USD the Fibs are at the 68% retracement and scored perfectly on the 50% from the 160 level.

To keep things in perspective we have now see a 12 day up rally on this pair. Being long now could be a risk trade though after watching the pair today it really had some support off that 13650 level and has held its ground within a 50pip range on the 137 level.

I expect the choppiness to continue into the late evening as traders take positions.

I am still bearish on the EURO but the price action is dictating this upward trend.

Just be careful out there, may pay not to even trade tonite to wait and see which the trend dominates or whether we have a reversal set in which I am betting is the most likely but may not happen til tommorrow.