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Forex EUR/USD, GBP/USD Daily Commentary August 16, 2012

Todays commentary is going to be short and sweet with no fluff. As you can see by the front page of the site we have been hacked and are back to an older backup version. We should have everything loaded and back to normal in a day or so. Sorry for the inconvenience.

What I am looking at on the EUR/USD is we have a first push to the downside after a failed push up and I will be looking to see the second push today. With a 30 pip Asian range we may only see the stop run above it so if I see the trap move there I will be taking the short in the live London room if we can. There is also a set of candle patterns we look for at the Asian high area so we may only see that get tested. If we do see the trap there then I will be waiting for the nice pullback for the safer trade.

The GBP/USD is still in its third push chop and I am still short from Tuesday. As long as the Euro drops it should bring the GBP with it and we should see the first push down today. I wont be taking a long and closing my short unless there is a very nice trap here which I don see quite yet.

There is not much for news today. we do have inflation figures from the Euro zone but I doubt they will be a market mover.

The US has Thursday unemployment data and barring a big surprise shouldnt make too many waves either.

Happy Trading and sorry for the inconvenience


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