Second Push Down On EUR/USD Complete – Market Commentary 4/14/2016
EUR/USD Gives Second Push Down
Yesterday we were looking for the second push to the downside and that is exactly what we got. For those of you who are member I would encourage you to check out the daily market preview video for more information on the backside short option. There was a lot of chat in the members chat box today about this trade and I clarified why it was unfortunately not valid. It missed being valid by 1 pip before giving a full take profit push down. For today we will look for the third push to the downside. When you have an extended second push sometimes the market will stall before the third push. As such we might see a deeper retracement today before getting the third push today or tomorrow. As far as listed manipulation points from which to get this third push down, we have one upper level.
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GBP/USD Slides On USD Strength
The Pound had a open directional bias yesterday and it will remain open for today as well. We had two trades from our lower level. The first trade hit roughly +37 pips of profit before coming back to break even. The next trade resulted is a -12 pip loss which is -1% according to the standard 2% stop loss per 25 pips. Today was very unfortunate as the EUR/USD just missed a full +4% take profit and the GBP/USD did as well. That would have been a very nice +8% swing. As previously mentioned the directional bias remains open and we have 2 upper and 2 lower manipulation points from which I would take any valid stop run.
Forex Market News For April 14th 2016
MPC Official Bank Rate Vote 7:00 AM Eastern: For today we have an expected rate vote of 0-0-9 with the first vote being for those who want to hike, second those who want to cut, and third those who want to leave rates unchanged. Any change in this number will give a very aggressive response in the price.
US CPI 8:30 AM Eastern: For this month CPI is expected at .2% for CPI and Core CPI. This is capable of a 15+ pip spike but the continued follow through in the direction of the release is questionable. I’ve covered this many times in our live forex trading room but I’d be happy to walk through this in the trading room tomorrow.