Saturday June 3, 2017 - 20:38:29 GMT
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Amazing Trader And Commitment Of Traders EURUSD Ideas for 30 May 2017 Data Register To Test Your Amazing Trader
Forex trading is all about stops. The Commitment of Traders Report (COT) is an imperfect, but useful, "sampling" of market positioning. I would prefer more frequent and precise readings, but we have to live with what we get. The data work for the purpose of getting an idea if traders are positioned long or short and if they in big or small.
Markets EURUSD are decisivelylong. In the latest week, the EURUSD apparently has established above the psychological 1.1200 line. By Friday's close it was well above the neutral 1.1250 line. EUR positions are not just against the USD. EUR crosses vs. the JPY and GBP are critical. Markets are increasingly aware that the European economy is improving and that will be a EUR positive as it continues.
The GBP is highly sensitive to U.K. data, and that can be helpful to those of us who rely on active markets. U.K. data tend to be released in the mid-month period. As for the Commitment of Traders data, markets had been maintaining large GBPUSD shorts and are continuing to wind them down. Stops are above the market. GBPUSD 1.3000 remains a key psychological benchmark. It finally was breached two weka last week but has been unable to hold above. Keep an eye on the EURGBP cross as a barometer of flows in and out of the EUR. These flows often directly impact EURUSD.
In the latest week, the Bank of Japan held a floor under USDJPY at 110.80. If the USDJPY starts to slide again, don't be surprised to see them support the pair. USDJPY tends to correlate positively with the yield on the U.S. 10-yr note yields and equity prices. COT positions remain long USDJPY.
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