Wednesday July 12, 2017 - 09:21:56 GMT
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Markets are focused on Fed Chair Yellen testimony before the House today and Senate Thursday. Odds are we will see most of anything she will want to communicate early today. Odds for a September rate hike have begun to fade. Today the EURUSD HOD has been 1.1490, while the LOD has been 1.1416. The pair might have established itself above the 1.1400 line and placed 1.1500 in play. As usual, look for stops at the daily extremes. Keep an eye on the yield of the U.S. 10-yr Note (2.352%, -0.7bp). 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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