Wednesday August 23, 2017 - 09:31:00 GMT
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Better than expected flash Manufacturing PMIs from the Eurozone have given the EURUSD a larger than typical lift today. Nevertheless, the EUR appears still to be on the back foot at the monent. Markets are also looking ahead to the K.C. Fed Jackson Hole Symposium starting tomorrow. The major focus is speeches by Fed Chair Yellen and ECB President Draghi Friday. The ECB downplayed expectations about Draghi. Its hard to figure out what new Yellen might have to say.
The EURUSD HOD so far has been 1.1795, while the LOD has been 1.1740. The EURUSD remains on the back foot as EUR demand appears to be waning. Liquidity is returning to the markets as the summer holiday period fades. Keep an eye on the yield on the U.S. 10-yr Note (last 2.200%, +1.0bp). 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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