Friday June 23, 2017 - 09:05:46 GMT
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Fridays in forex often see unexpected moves. What has been notable today has been a reversal of a pattern this week where the EURUSD opens strong and then turns weaker. Today it opened (relatively) low and then rallied. The daily ranges appear large, but that is mainly a scaling effect due to the charting systems. On the interest rate front nothing has changed. The 10-yr note is trading in a neutral 2.15% to 2.20% range. Below 2.15% is now USD negative and above 2.20% positive. Let your Amazing Trader charts drive your trading strategy.
Today the EURUSD HOD has been 1.1186, while the LOD has been 1.1146. Once again, this remains an unusually narrow range. My focus remains on psychological resistance at the 1.1200 line. There is not much today in terms of event risk, keep a close watch on the technicals and your Amazing Trader charts.
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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