Friday February 24, 2017 - 10:42:02 GMT
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Amazing Trader Early EURUSD Ideas for 24 February 2017 Register for the Amazing Trader
Amazing Trader EURUSD charts updated to your systems
Forex markets appear to be in a subdued state as they move into the end of the week. Earlier EURUSD tested the 1.0600 line. Such a test had appeared to be inevitable yesterday. Stops at 1.0600 were light, as I had indicated they would be yesterday. The weekly COT report has many flaws, but it has been suggesting over the past several weeks that net positions in the major dollar currency pairs have been small by recent standards. Traders are waiting for stronger trends to emerge before committing a lot of capital to a trade. The EURUSD HOD has been 1.0605 and its LOD 1.0576. EURUSD might face a struggle to establish 1.0600 as support again. While clearly there will be stops all the way up to 1.0873, they should not be massive. Next resistance above the HOD is clustered at 1.0630 and slightly above. Use +/- 1.0600 line to set the tone today.
The GBPUSD is about steady. The GBPUSD HOD bas been 1.2571. Its LOD is 1.2523. EURGBP is up. Flows in and out of the EURGBP cross can have a significant impact on the value of EURUSD and change the EURUSD tone. Tune in frequently to the GVI Forum for updated trading insights as the session unfolds.
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