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March 29, 2013 EUR/USD, GBP/USD Analysis

The EUR/USD has gone into a third push chop and does have the potential first intraday push to the upside. Considering the holiday weekend starting today and low liquidity this does have a decent chance at a second push due to the big boys using the low volume to push equities higher which will also push the Euro. Pretty much just like yesterday when the markets had the lowest volume of the year so far and still managed to close at all time highs. The level I will be looking to take the long from is 1.2793 or possibly the Asian lows we have now since it has been proven support. It depends on how price leaves the Asian box today. Otherwise I will be open to a short with a stop run to yesterdays highs but it will need to be clear.

EUR/USD 1hr chart 3 29, 2013

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The GBP/USD has made 2 intraday pushes in one day and will most likely make the third today after the reversal I mentioned in yesterdays commentary. For now its holding above yesterdays highs well so as long as the level holds through Asia it will be a good place to look for the manipulation. This could also be looked at as a clearer first push to the upside but the way its been trading this week I am thinking it will make the third intraday push to the recent highs around 1.5260. Either way I am looking for the long today. If yesterdays high don’t hold then the next level that has the best probability is 1.5183 around the Asian lows today.

GBP/USD 1hr chart Mar. 29, 2013

 Forex News Today

The calendar is light today with the holiday and quite a few banks closed around the world so be careful with the low volume out there. There is Michigan Consume Sentiment late in the US session. expected to improve and would be a good reason to ramp up stocks and the Euro at the end of the day. US banks are not closed today.

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Some Friday NOT so humerus

Here are the two latest Max Keiser reports this week . If you can tolerate Max and his sometimes over the top theatrics the message in these two videos are disturbing to say the least. From the secret downgrades of major US banks to the plan the Fed and BOE have already agreed to hit depositors in their plan to deal with any TBTF banks that do actually fail by taking customer deposits. Interesting to say the least. Enjoy and most of all get prepared.

Enjoy the Holiday weekend every body.


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