Wednesday June 7, 2017 - 09:19:32 GMT
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Markets remain cautious heading into a busy Thursday which features three key events to wit a key ECB policy meeting, political testimony to Congress by former FBI Chief Comey and U.K. Parliamentary elections. Definitive results of the U.K. vote may not be known until early Friday.
Today the EURUSD HOD has been 1.1283, while the LOD has been 1.1245. These ranges are virtually the same as where they were yesterday at this hour. Daily highs and lows are always key to trading. The focus of trading at the moment is the neutral 1.1250 level again. The expectation is that Thursday developments could decide whether EURUSD is headed for 1.1200 or 1.1300 next. The "default " bias for EURUSD remains for higher.
Forex trading conditions can change quickly, so use your AT charts to monitor current support (red) and resistance (blue) levels. The technicals frequently change ahead of the fundamentals. Changing colors and/or disappearing or new lines on the Amazing Trader (AT) charts will tell you which way the winds are blowing. Keep an eye on which color lines are being drawn or erased as your leading momentum indicator.
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