Thursday January 5, 2017 - 11:25:43 GMT
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Early Thursday saw violent swings in the EURUSD that were a side-effect of heavy forex intervention by the Peoples Bank of China (PBOC) to stabilize the CNY, which has been under intense downward pressure due to heavy capital outflows. The PBOC buys CNY and sells USD, which suddenly floods the markets with USD with nowhere to go. I am convinced that it has been the PBOC intervention activities in recent weeks that have been behind a lot of the unexplained EURUSD volatility.
After running stops, the HOD in EURUSD has been 1.0576. Its LOD is 1.0480 (support). For now use 1.0500 to set the tone, don't be surprised by a wide trading range today. On the downside 1.0450 support could come into play at some point. Back above 1.0500, clear resistance is 1.0541. Keep tuned to the GVI Forum as the session develops for timely updates.
The EURGBP is trading lower as EURUSD corrects lower. Also, the U.K. saw strong Service PMI data earlier after other strong PMI readings this week. The 20-day EURUSD average is 1.0471.
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