Tuesday August 15, 2017 - 11:14:51 GMT
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Markets appear to have been looking for fresh direction very recently. The Trump trade (positive USD) was buried a while ago and replaced by a reversal of flows back into the EUR. However, its beginning to look like EURUSD has started to run into a wall below the 1.20 line. Could the ECB and its surrogate European National banks be trying to cap EURUSD at current levels? It might be, but we have not been seeing any overt evidence of forex intervention. We will just have to see how this all plays out. Starting today, there are a number of data releases scheduled that can move the markets over the period. That suggests a number of potential trading opportunities.
Today the EURUSD HOD so far has been 1.1793, while the LOD has been 1.1720. Once again, EURUSD has failed to establish 1.1800 as support. Liquidity is starting to come back into the markets as the summer holiday period starts to wind down. Keep an eye on the yield on the U.S. 10-yr Note (last 2.252%, +3.0bp). 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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