Tuesday August 29, 2017 - 09:08:04 GMT
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I saw a new story today (Tuesday) that the EURUSD is up because Draghi did not mention the currency at Jackson Hole. In a market that reacts to news in miliseconds, this it a bit of a stretch. I fell the catalyst for stocks, bonds and the EUR today is the increased North Korea tensions after they sent a missile over Northern Japan early today local time. The question is whether this provocation will elicit a response from Japan, South Korea, China or the U.S. In the end, an intensification of sanctions is the most likely course of action. Expect more flight to safety trading.
The EURUSD HOD so far has been 1.2070, while the LOD has been 1.1955. Expected major stops above the 1.2000 line have alrady been triggered I mentioned yesterday that "undoubtedly there are a significant number of options poised to be triggered around that level, so be forewarned". The yield on the U.S. 10-yr Note (last 2.096%, -5.9bp) has tumbled to new recent lows. Use it as a sentiment barometer. 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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