Tuesday July 25, 2017 - 08:57:04 GMT
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Markets are trading cautiously ahead of the FOMC decision tomorrow. While no major decisions are likely from a meeting with no press conference, many are cautious, given the tightening bias of the central bank. The general market bias for the USD remains negative, but is still likely to follow the lead of bonds and equities. Today has already seen a robust German IFO survey, which should be EURUSD positive.
Today the EURUSD HOD has been 1.1670, while the LOD has been 1.1630. EURUSD continues to work to establish 1.1600 line as support. Liquidity appears to be contrained by thin summer markets. As usual, look for stops at the daily extremes. Keep an eye on the yield of the U.S. 10-yr Note (last 2.260%, +0.5bp). The 2.30% line remains a key psychological benchmark. 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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