Tuesday September 5, 2017 - 09:30:14 GMT
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Markets are now entering the fall season with summer holidays in the Northern Hemisphere now about over. Thursday looms as the major day of this week week an the ECB policy decision due. Markets are expecting (hoping for) guidance on the position of the central bank vis-a-vis the current value of the EUR and on the timing of the next round of a "tapering" of ECB asset purchases. No word on either of the two items would be a disappointment.
The EURUSD HOD so far has been 1.1912, while the LOD has been 1.1867. I see the major focus remaining on the 1.2000 line (barrier) as a POTENTIAL future support level. Some expect the ECB to begin to resist further EURUSD gains from current levels. The yield on the U.S. 10-yr Note was last 2.146%, -2.0bp. My current focus is the 2.10% line. Use it as an early warning 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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