Monday August 28, 2017 - 10:18:12 GMT
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Well I did not expect Chair Yellen and ECB President Draghi to say much or anything at Jackson Hole on Friday. They said very little relating to future policy, but the markets even reacted to that! They bought EURUSD mainly because some were positioned for Yellen to disclose something new about Fed plans to to reduce its massive holdings of government debt. As I said she said nothing new, and the market reacted to that by selling USD. Go figure. This is the unofficial final week of summer for many in the Northern hemisphere and month-end, so trading could be active, but liquidity might be thin at times.
The EURUSD HOD so far has been 1.1951, while the LOD has been 1.1917. After the late Friday EURUSD surge, this key pair has the psychological 1.2000 line in sight. Undoubtedly there are a significant number of options poised to be triggered around that level, so be forewarned. Keep an eye on the yield on the U.S. 10-yr Note (last 2.173%, +0.5bp). London is closed today for its annual late summer holiday. 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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