EUR/USD, GBP/USD Daily Analysis November 11, 2013
We made it through the typhoon and all is well here. Thanks for all the concern and emails everyone. I have gotten several emails asking how people can help and to be honest I am not sure as of yet. Forex Nation offered to donate all their proceeds from November to help rebuild so I am working with my friend who does charity work for cleft children to see if he will be helping in any way. He is the only one I trust at this point so I will keep you informed so I am sure the money goes to where its intended.
The EUR/USD did pretty much as expected Friday waiting for NFP to make the second push. It couldn’t break the lows so I am a little concerned but still expecting the third push to break down today. The best level I see for the short is at 1.3372 with the highs of the US session after London closed Friday. I would prefer to see them test it first during Asia but its not necessary as long as price leaves the Asian box closer to its lows. They may push it higher also so the set up will need to be pretty clear. If for some reason I miss the short I will be open for the long at the lows since it is a rather significant daily level and as long as they make a bit of a run up before they push down it will fit the rules for a third push. Sloppy I admit but as long as we see that they wont let it pass the 1.3300 level with some clear trapping.
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The GBP/USD made what I consider a first push down Friday. There was a nice backside of the level entry but one would have had to hold through NFP which is risky if not dangerous and not recommended. I will have a bias for the next push down today. The best level I see is the 1.6030 level at the US session highs Friday but they could easily push it up to the 1.6054 area where the hourly 200 ema is. Having said that the four hour 200 has gotten a lot of respect lately so they could stop it there also. In order to take the short there I will want to see typical price action hitting the breakout traders to increase probability but if they test 1.6030 during Asia it will widen the range enough to consider the trapping to the highs valid.
Forex News Today
There is no high impact news releases today but there is a speech from German central bank President Weidmann so his comments could have an impact on the Euro.
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