Wednesday February 15, 2017 - 11:20:24 GMT
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Amazing Trader EURUSD charts updated to your systems
Today sees U.S. Retail Sales and CPI on the open. Traders are likely to be sensitive to these data. Then at 15:00 GMT, Fed Chair Yellen will present the second round of her Semi-Annual testimony to Congress.
Today she testifies to the House. Her prepared text will be the same as Tuesday, but then she will face another round of questioning. Today, if needed, she will be able to reinforce points made yesterday or correct any items that she feels may have been misinterpreted. I don't recall any items which are in need of "adjustments" today, but we will see. In the past, i have seen circumstances when the Committee Chair has apparently asked a question planted by the Chair to make certain a topic was covered, but I have not seen that for a while. The EURUSD fell yesterday during and after Yellen after her testimony following her more hawkish than expected presentation. The EURUSD is weaker late Tuesday levels as a new downleg has been established. Today's HOD has been 1.0587 and its LOD 1.0541. As usual, Expect stops to be resting just beyond these limits. With the focus on the downside, major support on the daily chart comes in at 1.0524, then 1.0453. Use 1.5550 (neutrality) to set the tone. On top above 1.0600 would signal a key change in sentiment.
The GBPUSD took a tumble again today mid-morning in London following disappointing U.K. earning data. The GBPUSD HOD bas been 1.2477. Its LOD is 1.2418. The EURGBP is down on the day, despite the GBPUSD weakness. Flows in and out of the EURGBP cross can have a significant impact on the value of EURUSD and distort the EURUSD's tone. Tune in frequently to the GVI Forum for updated trading insights as the session unfolds.
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