Thursday June 8, 2017 - 09:24:30 GMT
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Markets have been waiting all week for the key event trifeca today. First of all, the ECB is expected to hold policy today, but to upgrade its economic outlook for the Euro-area and downgrade its inflation forecasts. Former FBI Chief Comey has deflated a lot of the suspernse surrounding his testimony today by pre-releasing his prepared statement yesterday. Odds favor no major news coming out of the Q&A session. As for the U.K. Parliamentary elections, latest polls apear to favor a comfortable victory by PM May and the Conservatives. We've all learned recently not to count on political polling.
Today the EURUSD HOD has been 1.1270, while the LOD has been 1.1243. These ranges are virtually the same as where they've been all week at this hour. Expect potential extreme movements on any or all of the three events today ll three Daily highs and lows are always key to trading. The focus of trading at the moment is the neutral 1.1250 level again. Today'd developments could decide whether EURUSD is headed for 1.1200 or 1.1300 next.
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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