Monday July 17, 2017 - 09:59:27 GMT
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Markets are off to their typical cautious Monday start in what will be an active week. Note that the Calendar for Event Risk is fairly full. The ECB decision on Thursday is often a source of price instability with some traders expecting word on the timing of additional ECB QE tapering. The USD remains on the back foot.
Today the EURUSD HOD has been 1.1475, while the LOD has been 1.1445. This pair has been working to establish itself solidly above the 1.1400 line to set up a run at 1.1500. As usual, look for stops at the daily extremes. Keep an eye on the yield of the U.S. 10-yr Note (2.314%, -0.7bp). The 2.30% support line is key psychological support. Follow 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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