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EUR/USD And GBP/USD Holds Tight Range – Forex Commentary 2/18/16

February 18
02:01 2016

EUR/USD & GBP/USD Hold Tight Range

The market analysis for the GBP/USD and EUR/USD is similar today as both pairs remain in a range today. For those of you who are members I would encourage you to watch tonight’s daily market preview video as I detail a few different points for taking a trade setup after news is released and the rules around that type of forex trade setup. After continuing to the downside, both pairs have failed to regain any of the previous drop. At this point the range does give us a clear starting point for the next market cycle that could potentially develop. Until that occurs we will trade with an open directional bias and as such you can see in the charts below we have manipulation points listed both above and below the current price.

The COT data I mentioned earlier this week, is showing selling pressure in the Pound still while the Euro was looking bullish. With that being said, should both pairs start to break the first lower manipulation point I would be more likely short the GBP/USD vs the EUR/USD. If we were to see the upper manipulation point start to break I would prefer the EUR/USD long vs the GBP/USD.

GBP/USD Chart - February 18th 2016EUR/USD Chart - February 18th 2016

 

Forex Market News For February 18th 2016

Philly Fed Manufacturing Index 10:00 AM Eastern: Back 8 months ago we had a 17 pip spike which would mean I would not carry into this release. This is the type of news that is right on the edge and I will treat it with some discretion. For example, today we had a potential long setup only 15 minutes ahead of the news. Obviously in that type of scenario I’m going to allow the news to come out before entering the trade. If however I’m in the trade and in profit I would probably carry into the release. If on the other hand I’m near break even or negative I would close before the actual release. This month -2.9 is the expected number.

-Sterling

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About Author

Sterling Suhr

Sterling Suhr

Hey everyone, my name is Sterling Suhr. You and I more than likely have quite a bit in common when it comes to Forex trading. Like most, I started trading Forex and thought it would be rather easy.Everything I read said it would make you profitable so why wouldn't I believe it Forex trading was easy? The unfortunate part is that belief, and the hope that goes along with it pushed me into buying every scam Forex product there was. I've tried every EA, software, strategy, chart pattern, candle pattern, signal service, etc, all with negative results. The bottom line is mainstream Forex trading strategy will continue to fail retail traders. It wasn't until I realized this point did I begin to see success.On a personal note I currently reside in South Western Michigan. I personally love this part of the country and enjoy having a taste of all four seasons. I was recently married in May of 2012 and Chad has given me a stiff warning to not have children:) As a personal hobby I enjoy aviation and really anything to do with the outdoors.

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