Wednesday August 30, 2017 - 08:59:53 GMT
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As bad as a political situation might appear, they never have the staying power of other factors such as relative growth trends. So suddenly North Korea is out of the headlines as fast as it appeared. That is because usually there is not the follow up news as is the case with economics, which changes only gradually. With the focus on North Korea fading. Flight-to-safety demand for EUR and government bonds has abated. On the other hand, the longer term flow of funds out of the USD is likely to persist.
The EURUSD HOD so far has been 1.1985, while the LOD has been 1.1938. Expect the major focus to be on the 1.2000 line as a POTENTIAL future support level. Resting stops (options?) above 1.20 were already triggered early yesterday. The yield on the U.S. 10-yr Note (last 2.138%, +0.3bp) has recovered to back above 2.10%. Use it as your 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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