Friday July 21, 2017 - 08:58:45 GMT
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As promised, the ECB policy decision turned out to be a major event for forex markets. The very few looking for a more hawkish Dragi were disappointed, while those expecting the dovish Draghi were correct in terms of his performance, but were squeezed out when markets did not react by selling the EURUSD afterwards.
Today the EURUSD HOD has been 1.1678, while the LOD has been 1.1619. The EURUSD is now working trying to establish the 1.1600 line as support. Liquidity appears to be constrained by thin summer markets. As usual, look for stops at the daily extremes. Keep an eye on the yield of the U.S. 10-yr Note (last 2.246%, -1.6bp). The 2.30% line remains an important psychological level. 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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