Wednesday September 6, 2017 - 09:05:49 GMT
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Markets went into a risk-off posture Tuesday amid fresh worries about North Korea and another major hurricane bearing down on the U.S. mainland. Tomorrow looms as the major day of the week with the latest 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 clear word on either of the two items would be a disappointment. The key report today is the ISM PMI.
The EURUSD HOD so far has been 1.1950, while the LOD has been 1.1902. My major focus remaining on the 1.2000 line (barrier) as a POTENTIAL future support level. As for the ECB Thursday, some expect it to begin to resist further EURUSD gains from current levels. The yield on the U.S. 10-yr Note was last 2.072%, -0.3bp. The current focus is the pivotal 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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