Monday July 10, 2017 - 09:51:53 GMT
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Trade is off to a cautious start in a mixed week for data. Fed Chair Yellen speaks before the House Wednesday and then the Senate on Thursday. Odds are we will see most of anything she will want to communicate early on Wednesday. No major data are due for release on Monday or Tuesday. Today the EURUSD HOD has been 1.1418, while the LOD has been 1.1387. The pair is apparently stalled on either side of the the 1.1400 line an the moment. As usual, look for stops at the daily extremes. Keep a close watch on the yield on the U.S. 10-yr Note which is a touch lower at the moment (2.375%, -1.9bp). Equity markets are critical as well. Keep a close watch on your Amazing Trader charts for market direction.
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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