Thursday January 12, 2017 - 10:30:29 GMT
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The market reaction to the Trump press conference proves my recent point about the danger of trading on conventional wisdom. The general view that we hear form everywhere is that the expected policies of the Trump administration will be positive for the USD and the economy. The problem is that everyone "knows" that, and are already positioned for it. So many bought USD into Trump and were disappointed when he was short on specifics. So when USD longs started to trim their positions, there were not a lot of buyers on the other side.
The EURUSD HOD has been 1.0665, while the LOD has been 1.0571. The HOD has taken out the old "flash spike" resistance at 1.0652 from December 29 liquidity gap. It now represents major resistance. Keep an eye on 1.0650 if the EURUSD continues to hold above the psychological 1.0600 line. Minor support is 1.6223. The next major support is the 1.0571 LOD.
The GBPUSD is benefiting from the broadly weaker USD. The EURBP cross is currently steady on the day. Movements in and out of the EURGBP cross can often tip the scale in EURUSD activity.
Tune in frequently to the GVI Forum for trading insights as the session unfolds.
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