Daily EUR/USD, GBP/USD Analysis August 9, 2013
We have another push up on the Euro today halting at the 1.3389 level and showing a better topping formation. Again I will be open on direction and looking to trade the manipulation at significant levels. I do think there is a better chance for the reversal today than there was yesterday but I will want to see the topping formation hold preferably seeing a stop run to the highs. The fact is its not far from the recent daily highs at 1.3414 and if they do want to test there or even break it I would assume they would do it on a news release. Of which there is not anything that I see would give them reason on the calendar today. Otherwise the best level I see for the long is around 1.3353.
Having said all that since it is Friday and having no big news on tap I expect Friday flows to kick in seeing them make a small push down. The reason is it will take conviction to push it up today that I just don’t expect. If I do catch the short I wont be holding for a long move and take the 40-60 pips.
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The GBP/USD also made just short of a 90 pip push to the upside. However the daily close was just above the daily high on Wednesday showing they don’t have much conviction in moving higher. For members who are aware that we can get these moves that have the move in pips but not see clear pushes this is a good example. I will be open in regard to direction because the pushes are not clear and we are likely to see Friday flows here also. I expect if they do intend to make more pushes to the upside they will do it next week rather than today. Therefore we will most likely see a chop within yesterdays range or a pullback as they take profits for the week.
The best level for a short is around yesterdays high of 1.5572 while I will consider longs at 1.5526 if we get a push back up during Asia and a stop run to it during London. Otherwise the lows yesterday at 1.5484 will be the best place for the long today.
Forex News Today
In short there is no high impact news today which is why I am pretty sure movement today will be mostly Friday flows and we will see a pullback on both pairs. I am not going to trade on that alone and want to see the manipulation at key levels first.
Have a great weekend.
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