Friday April 7, 2017 - 09:44:09 GMT
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I am surprised by the mild reaction of the markets to the U.S. missle attack on Syria overnight. Like me, it appears that investors are taking a wait and see attitude on this highly sensitive situation. I have heard that the U.S. sent an advance warning to Russia before the attack to avoid misunderstandings. I remain in a wait and see posture. Odds are the likely impact of U.S. jobs data today has been diminished.
The EURUSD HOD has been 1.0661, while the LOD is 1.0628. Today's LOD is exactly where it was yesterday at this time. Today's trading range has been a surprisingly narrow 33 pips. Be aware of this when looking at your charts, which typically are automatically rescaled to fit your screen. Right now relatively small price moves are looking large. Jay mentioned a 1.0600 to 1.0700 range very early this week and so far it has been holding. The highs and lows of the day should be where stops are resting. We continue to cite likely stops at 1.0701 on top. Below the LOD, ultimately 1.0600 is the significant target. The 1.0650 level remains neutrality.
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