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EUR/USD, GBP/USD Analysis September 10, 2013

Today we have a clean second push to the upside on the EUR/USD and my bias will be for the third. Right now its finding support at a daily level at 1.3250 so that will be the first place I look to see manipulation for the long during the London session. I prefer to see it push to test the highs first so if it don’t it has a good chance to test lower first. If it does manage to break¬†lower then I will look to the 4hr 200ema at 1.3242 or lower around the 1.3220 where there is other significant daily levels.

It seems as though they have made up their minds that Bernanke will not taper. Of which would not surprise me at all since the markets are so addicted to the QE punch bowl any draw back or even thoughts of it cause every thing to go into free fall. The fact is we all know its the Fed keeping everything afloat so they don’t have much choice but to keep it up. Good job Ben.

On the other side of the coin is there is the possibility that this is a final ramp up to try and get money on the sidelines into chasing the market before the big dump if by some slim chance they do taper or eventually stop the QE like any responsible person would. Considering all the sneaky tricks the big boys play on the muppets this would not surprise me in the least either and there is plenty of time between now and the next Fed meeting to hit new highs. We will have to wait and see.

EUR/USD 1hr chart Sept 10 2013

The GBP/USD is showing the same second push so I will have the same bias for the next push up. It also has the chance of going off from the Asia lows but again I would prefer a wider Asian range during London today. Otherwise it has a better chance of testing lower down to the 1.5680 or even as low as 1.5646. The clear trapping of traders is what will make it clear at one of the three levels for an entry.

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GU 1hr chart Sept 10, 2013

Forex News Today

In short the calendar today is rather void of any significant news so barring any tape bombs we should see a good day based on the big boys carrying out their plan and see the next push.

Happy Trading


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