EUR/USD, GBP/USD Commentary May 8, 2013
The price action on the EUR/USD yesterday didn’t clear anything up as to which direction they intent on pushing it so we are left just looking for the manipulation again. Strictly considering the price action I am thinking they will push it down but I will need to see something pretty clear to be taking a trade in either direction today. The levels I will be looking for the short are the hourly 200 EMA at 1.3094 or the overall highs at 1.3131. The only place I will be considering a long from is a stop run to the lows Monday at 1.3053 since yesterdays lows are in such close proximity. If we do manage to get a push up in the Asian session then the lows yesterday will come into play.
The GBP/USD is much clearer today with what can be looked at as a first long term push to the downside or a second intraday push down. Considering the big boys have been reversing on intraday pushes more often lately I will be considering this the second intraday push. Along with the fact there are 3 short term intraday pushes in the first short push Monday it just seems to make more sense and either way we are looking for the next push down. The best place to be looking for the manipulation today is anywhere in between 1.5495 and 1.5504. There is a small chance that it push all the way up to 1.5520 to close the inefficient move so I will be careful on my entry on this pair today. If I can manage to get a nice entry there is a good chance for a 80-90 pip trade since the next daily level it will find support at is around 1.5400.
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Forex News Today
Again the news is light today with only German Industrial Production during the London session. Considering the big surprise in their Factory Orders yesterday this has a chance to surprise upward too. Having said that Orders should obviously lead Production so the increase from those orders may not affect production until next month.
The US session has a Fed member speaking but I have my doubts Steins speech will have much effect.
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