Tuesday April 11, 2017 - 11:07:57 GMT
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I don't believe the higher EURUSD is the result of the public discussion of Fed Chair Yellen at the University of Michigan. The discusion was the school of government, so her audience was not financial professionals or economists. She was not talking down to them, but she was not treating them as peers. She mostly was explaining how the Fed works and injecting in this explanation current examples. As a result she SOUNDED more dovish than I believe she is. I heard nothing from her that I believe most traders would say is new. Today saw the markets react to U.K. data and shrug off strong German items.
The EURUSD HOD has been 1.0621, while the LOD is 1.0578. That is a wider range than we had seen by this time yesterday. already resting stops above 1.0609 have been breached. The 1.0620 level has also been taken out. It was natural for stops to have accumulated on the topside from late last week, but I don't think they should be massive.
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