Monday July 31, 2017 - 09:31:52 GMT
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Trading is off to its usual cautious Monday start today. Today is also the final trading day of the month, which could subdue the activities of some institutional players. A short while ago, flash July HICP data were a touch stronger than expected, but still well below the official ECB target of "just below 2.00%". The general USD market bias continues leans to the negative. Expect it to continue follow the lead of bonds and equities.
Today the EURUSD HOD has been 1.1763, while the LOD has been 1.1723. EURUSD is working to establish the 1.1700 line as solid 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 2.292%, -1.8 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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