Friday December 30, 2016 - 13:22:36 GMT
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Amazing Trader EURUSD Chart Commentary For December 30, 2016 Register for the Amazing Trader
Amazing Trader EURUSD charts updated on your systems
Trading based on "conventional wisdom" has increasingly become a strategy to be avoided. Financial markets have always reacted very quickly to new information, but I believe universal electronic trading has dramatically shortened the half-life of "ideas". So the strategy of buying USD (selling EURUSD) after the Christmas break into the new year had run its course by the middle of this week. Watching the markets yesterday, the Amazing Trader lines were highlighting the risk of a run at the 1.0500 line and it finally happened after the N.Y. close when markets had thinned.
For today, the HOD has been 1.0662 according to my sources, but I have seen highs all the way to 1.0670. The LOD, if it matters, is 1.0483 from before the spike. I am using 1.0600 and 1.0550 as guideposts until new support and resistance levels are developed. The EURUSD 20-day moving average is now BELOW the market at 1.0522. Early price action today has already cleared out the nearby resting stops. Check on the Forex Forum as the session develops for Amazing Trader Chart update notifications.
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