Tuesday January 31, 2017 - 11:19:35 GMT
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Amazing Trader Early EURUSD Ideas for 31 January 2017
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The gravitational pull of the EURUSD 1.0700 line remins remarkable. It may be the lack of game changing economic news that is the reason. For example, the Fed releases its latest policy decision tomorrow and no one seems to care. Also, the U.S. remains between governments with Democrats stalling the approval process for Trump appointees. Its hard to push a legislative agenda with an incomplete Cabinet.
The EURUSD HOD has been 1.0725 and the LOD 1.0684. We expected to see stops below the market yestreday an were correct. EURUSD traded to as low as 1.0620 and therefore wiped out the close by stops in this pair. Odds are there are very modest stops above and below today's range at 1.0740 and 1.0677, respectively.
The GBPUSD is lower on the day. EURGBP is up. The GBPUSD HOD has been 1.2520, and its LOD 1.2412. Flows in and out of the EURGBP cross can have a significant impact on the value of EURUSD.
Tune in frequently to the GVI Forum for updated trading insights as the session unfolds.
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