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EUR/USD Range Continues To Hold – Forex Commentary 4/11/16

April 11
01:06 2016

EUR/USD Range Continues

The week long range continues on the EUR/USD. Overall the plan for today is pretty straight forward given the continued range. At this point as long as that range holds the directional bias will remain open. As you can see in the chart the first upper and first lower level represent the range extreme and therefore they are very likely to hold a mass of liquidity given the multiple days range. I will be looking for a stop run of either level. Additionally a backside long off the upper level is not a valid option given the proximity of the ADR.

EUR/USD Chart - April 11th 2016

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Pound Holds After Breaking Lower

Overall the COT data is still showing the Pound as the weaker of the two currencies. The COT data is showing neutral/bullish pressure on the Euro and neutral/bearish pressure on the Pound. With that being said the short term momentum to the downside on the GBP/USD has faded and even if we are going to see further downside, I wouldn’t be surprised if the GBP/USD pushed up for a day or two before that occurred. In regards to the current direction bias, our market cycle remains open and therefore we have listed manipulation points to both sides of the price. At this point we have one upper and one lower manipulation point. As I mentioned in the members daily market preview video, I would only be using the upper level for a backside long option should the price break above it.

GBP/USD Chart - April 11th 2016

Forex Market News For April 11th 2016

Officially we do not have any scheduled data that I would be concerned with but we do have an unscheduled Fed Announcement today at some point during the New York session. More than likely you will see the news outlets put an exact time on this before the start of the NY Session so be sure to check your news site before trading. Given the announcement it would also be wise to at least be paying attention when Dudley starts to speak at 9:25 AM Eastern.

-Sterling

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About Author

Sterling Suhr

Sterling Suhr

Hey everyone, my name is Sterling Suhr. Like Chad I've been around this market for quite some time, nearly 10 years now. 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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