Wednesday January 18, 2017 - 11:15:07 GMT
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The EURUSD continues to trade in a relatively narrow range. This will continue to be an active week for data and events. I fear that those looking ahead to Trump's inauguration on Friday will be disappointed. Typically the U.S. inaugural address is about broad concepts and not about specific policies. Although it would not be unusual for Mr. Trump to break with tradition. The EURUSD HOD has been 1.0717 and the LOD 1.0675. That is not much different from Tuesday. The pair has ben pivoting the 1.0700 line today. Inevitably when the market trades in a range for an extended time period, stops tend to build at the limits of that range.
The GBPUSD failed to make a sustained improvement earlier on better than expected December employment data. The EURGBP is higher on the day. Flows in and out of this cross can have a decisive impact on EURUSD. The GBPUSD HOD is 1.2417. Its LOD is 1.2290. Tune in frequently to the GVI Forum for updated trading insights as the session unfolds.
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