Daily EUR/USD, GBP/USD Analysis November 8, 2103
Todays analysis will be short and sweet guys. they were wrong about the typhoon hitting yesterday so we had more time to prepare but that also means it has gotten stronger so we had a trade off of sorts. On to the charts.
The EUR/USD made a mean push down thanks to Super Mario and friends showing us the push up was false . It also had the nice pullback after the drop closing the majority of the inefficient move that went over 200 pips. I will be expecting the next push down today but with NFP later in the day we may not see much movement until then. At this point the best level to short from is around 1.3441 but if they really want stops they will push above 1.3448. Otherwise I will be open for the long from the lows if I miss the short. Not that I really think I will be trading today 😉
The GBP/USD had the same wild move down but is the stronger pair at this point with only moving 80 pips and closing around the open of the day. The best way to trade this pair is with an open mind on direction. If they do push the Euro down then this will follow somewhat but likely stay in this range. The best opportunity I see is the short from 1.6108 but again if they want stops they will push higher. Any long in the range should be taken carefully as they could easily whip it around before making a move. the best level I see is 1.6054 inside the range where the hourly 200 ema is for some confluence but the safest long will be from the lows around 1.6020.
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Forex News Today
The big news is NFP and Unemployment data from the US with not much during the London session. There is also the Bernanke speech later in the day so keep an eye out for that.
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