EUR/USD Gives Potential First Push Up – Forex Daily Analysis 1/14/16
EUR/USD Gives Short Term Reversal Signs
With our criteria for market cycle, the EUR/USD was just shy of giving a first push to the upside. Although I do favor the continued push up today, I will keep the directional bias open. We do have some lower levels that are within close proximity to the price but our upper levels are quite a ways out. At this point I’m keeping an eye on the 1.0860 area as the short term line in the sand. As long as we can hold that level or only create short term breaks of it then further upside is likely. A break and hold below that level will likely have us testing the 1.0800 lows.
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The Pound Finally Manages To Stop Bleeding
The GBP/USD finally stopped bleeding and went sideways for a change. At this point the analysis of the Pound is about as simple as it gets. The bottom line is don’t be a sucker and trade from within the range. Those that trade within the range make the broker rich. The liquidity is on the outside of the range and therefore any valid stop run will need to come from the extreme as seen in the chart below. Like the Euro, I do not have a directional bias for the Pound today which keeps us open to take any valid stop run from any of the pre-selected manipulation points that are listed.
Forex News For January 14th 2016
UK Interest Rate Decision and Asset Purchase Facility 7:00 AM Eastern: Like most of the UK rate decisions this will probably be a snoozer with everything expected to remain unchanged. With that being said, any surprise on either item will have a profound and immediate effect on the price. Either way I will be avoiding this release like I do all rate decisions….for those of you who like to gamble this one is all yours:)