Daily EUR/USD, GBP/USD Analysis July 15, 2013
The price action on the EUR/USD last Friday still leaves us with no clear direction. I can see what could be a second intraday push down but with no conviction either way and closing in the middle of the range they seem to be waiting for something. The best way to trade this pair today will be to watch for the manipulation at key levels. The best place for a potential long is the psych 1.3000 with a stop run below. Otherwise I will consider a short from the highs during the US session Friday at 1.3090 but with the high right behind at the 1.3100 level I will want to see a nice set up.
With the 4hr 200 EMA holding price up right now and Bernanke testifying to congress later this week it may just stay in this range until he reaffirms that he has his foot firmly on the print pedal. Considering this I do expect the push to be to the upside but will be waiting for them to show me that’s what they intend.
The GBP/USD is in the same position with an intraday push down but stuck in the range with nothing to show direction today. They have already tested the US session highs during Asia this morning so if they do push down during the Asian session today a stop run to that level will be good for the short. However if there is the hourly close above that during London they will most likely test the highs again. Otherwise if they push down with a stop run to Fridays lows I will consider a long position there with a good set up again watching the hourly close but in order to be convinced they will be pushing down we need to see the close below Thursdays lows as well.
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Forex News Today
There isn’t much news during the London session today worth mentioning. The only major one of note all day is the US Retail Sales figures and with the bar set pretty low makes me think there wont be much of a surprise.
Chris Martensen Podcast
If your bored with price action today this is a good podcast to listen to for awhile. Its an interview with Bill Black and just how criminal the big banks are and the big crisis will go into full swing when the big boys lose all trust in eachother. Well worth the 45 minutes. Enjoy
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