Friday July 28, 2017 - 08:55:29 GMT
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Today is a Friday summer month-end which could lead to a thinning of institutional participation as the session wears on. The Republican plan to modify Obamacare overnight failed by one vote. There is no telling what the clowns in the Senate will do next. The default outcome is to drive the program off a cliff. Next they will turn to tax "reform", which means tax cuts. They love tax cuts, so that should pass in one form or another! The general USD market bias leans to negative. It is likely to continue follow the lead of bonds and equities.
Today the EURUSD HOD has been 1.1715, while the LOD has been 1.1671. EURUSD is struggling to establish the 1.1700 line as support for an eventual run at 1.20. Liquidity continues to be constrained by 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 2.314, +0.4 bp). The 2.30% line remains a key psychological benchmark. 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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