GBP/USD Gives Back Prior Gains – November 18th 2015 Market Analysis
EUR/USD Continues Downward March
Today’s market analysis is pretty short and to the point because the market conditions remain almost identical to yesterday. At this point we do not have a valid cycle in the EUR/USD so that fact does not change. When we do not have a directional bias it then becomes a simple matter of selecting the manipulation points I would be willing to take a stop run from. As you can see in the chart below I only have one upper manipulation from which I would look for a stop run short. At this time we do not have a lower manipulation point, although that may change as the day carries on.
Pound Gives Back Prior Gains From CPI
Like the Euro, the GBP/USD remains in a similar position as well. Going into yesterday’s forex market analysis it looked like the Pound was finally gather some momentum to break the previous range. Prior to CPI being released the move down proved to be a simple false test as the Pound rallied on better than expected CPI figures.
I always laugh when people say the forex market is too large to be manipulated. Do you think its a coincidence how often the GBP/USD will push the opposite direction of the news that comes out later. As the market gets trapped on the short side they quickly rally the market into the news and then the better than expected data only puts more pressure on those who were short thus fueling a short squeeze to the upside. The move put the GBP/USD back into the previous range and therefore it also keeps the directional bias open. Going into the trading day, I only have one upper and one lower manipulation point I would consider a stop run reversal day trade setup from.
Forex News For November 18th 2015
FOMC Meeting Minutes 2:00 PM Eastern: Like always the key is an hint towards future interest rates. This news is at 2:00 PM Eastern and therefore could still effect our active trades. I would close any running trade going into the news.
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