Thursday June 15, 2017 - 09:28:23 GMT
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Markets had been set up for a dull session Wednesday when much weaker than expected U.S. Retail Sales and CPI data an unexpectedly hawkish Fed policy announcement. In essence, by its actions Fed Chair Yellen told the markets that policy is not data dependent. Importantly, the soft data on Wednesday were not the first set of such data, so the markets were reacting to a developing pattern.
Today the EURUSD HOD has been 1.1230, while the LOD has been 1.1175. This is a very familiar range. Once again we are highlighting the neutral 1.1200 level as setting the range. The market will have to decide if it will take the lead of the data or the often unreliable verbal guidence of the Fed.
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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