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EUR/USD Gives Back Yesterday’s Bullish Move – October 16th 2015 FX Analysis

EUR/USD Tumbles As USD Index Gains

The Euro fell as quickly as it rose. As the Dollar index took back some ground the Euro showed the true underlying weakness that has definitely not gone anywhere. Its a shame we didn’t get a crack at shorting from the highs. As I mentioned in yesterday’s forex analysis the Euro and both both had very limited manipulation points to work from. For those of you who are members be sure to watch yesterdays daily market analysis video for a full break down of the exact criteria I was looking for. 

Today I will be looking for a second push to the downside on the EUR/USD. At the moment I have only one listed manipulation point from which I would consider a continuation short in the direction of the current market cycle. Its critical to remember that market cycle can and does fail. In order to take a trade we still need to see a valid confirmation entry day trade setup before actually triggering a short. This is our protection for when/if cycle fails and acts as the final trade filter. Members, be sure to watch tonight’s video preview for a few other possibilities setting up.

EUR/USD Chart - October 16th 2015

Pound Holding Key Resistance

The GBP/USD provided a beautiful stop run short off of the European session highs. After initially running to the downside at the beginning of the New York trading session it looked like we were not going to get a shot a the short. As we were leaving the live trading room this morning I mentioned two levels from which I would consider the short if the confirmation entry validated it. The market validated an entry short at the highs and the trade setup hit our full 2/1 reward to risk ratio right before 5 PM Eastern.

Today I will still keep an open bias on direction for the GBP/USD. Unlike the Euro, the Pound never really showed a great deal of momentum to the downside and therefore I feel like keeping the options open is the best decision. As always, when I don’t have a dominate directional bias going into the trading day I simply take every valid stop run from any of the pre-selected manipulation points.

GBP/USD Chart - October 16th 2015

Forex News For October 16th 2015

US UoM Consumer Sentiment 10:00 AM Eastern: While this has not been capable of hitting the 15+ pip spike over the last 6 months it has been getting close. With that being said it would be worth noting if your in a trade and down 5-10 pips. In that situation the small spike combined with an increase in spread could be enough to stop you out prematurely. This month 88.3 is the expected number.


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