Wednesday May 24, 2017 - 09:41:53 GMT
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The EURUSD is in a broad corrective pattern after topping out at 1.1276. This consolidation had been overdue. To maintain the existing uptrend, the EURUSD would have to establish firm support. Key to USD sentiment could be the latest FOMC policy minutes due early in the U.S. afternoon today.
The EURUSD HOD has been 1.1197, while the LOD is 1.1169. The short term direction on the Amazing Trader charts remains in a downward corrective pattern. On top, the 1.1200 level will set the tone.
Forex trading conditions can change quickly, so use your AT charts to monitor current support (red) and resistance (blue) levels. The technicals can change ahead of the fundamentals. Changing colors on the Amazing Trader (AT) charts will tell you which way the current winds are blowing. Keep an eye on which color lines are being drawn or erased as a leading momentum indicator.
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