Wednesday August 2, 2017 - 09:24:14 GMT
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The EURUSD continues to grind gradually higher. Its advance towards the psychological 1.20 line recently has been relentless. Caution about mixed U.S. data recently has the markets having virtually priced out any chance for any Fed rate hikes for the rest of the year. Obviously that could change quickly should inflation somehow pick up. The USD market bias continues to lean to the negative. Expect USD trading to continue follow the lead of bonds and equities.
Today the EURUSD HOD has been 1.1869, while the LOD has been 1.1793. EURUSD is now working to establish 1.1800 line as solid support for an eventual run at 1.20. Liquidity continues to be constrained by summer markets. Keep an eye on the yield of the U.S. 10-yr Note (last 2.267%, +0.8 bp). The 2.30% line remains the 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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