Tuesday February 21, 2017 - 11:09:20 GMT
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Monday was an uneventful day for forex trading with the U.S. shuttered for a holiday and no major data released. Comments from Fed officials generally reinforced speculation about a March 15 rate hike, but we never know for certain who individual speakers are talking for, themselves or the central bank. My personal view is that the Fed would like to hike next month, but that they have no credible mechanism with which to communicate with the markets. In the past they have sent so many muddled messages that no one trusts them any more. Today's EURUSD HOD has been 1.0619 and its LOD 1.0533. It appears that the top may in for the day. I expect stops onthe dowside to be in play, although recent COT data suggest that stops on both the upside and downside are light. From the daily chart, after the LOD, stops come in at 1.0520 the 1.0453.
The GBPUSD is on the back foot at the moment and that can be seen in a higher EURGBP. The GBPUSD HOD bas been 1.2483. Its LOD is 1.2408. 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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