Day Trading Forex Live – Learn To Trade Pro Forex Strategies


March 24th 2014 Daily EUR/USD, GBP/USD Analysis

March 24
03:32 2014

With the EUR/USD not making the third push Friday it leaves it more open for the failed second push but I will still have the bias for the short today until it potentially holds this chop for today and if that happens I will be more open for the long tomorrow. The issue is that price staying in a 45 pi range shows they may be losing interest in the next push down. If they do find reason to have more conviction to the strength of the Euro or USD weakness they wont make that third push. Having said that what are getting from the Fed does support the USD strength for the time being. Unless of course equities take a hard tumble and then all bets are off considering that what the Fed has been doing with QE over the last 5 years is support the stock market. This has a higher probability of continuing barring an epiphany from Janet Yellen and the Fed. Im not holding my breath but it is surely possible.

The best levels are rather simple to find today with Fridays highs at 1.3809 and lows at 1.3765 being most probable. I will prefer to get the short from the highs but will be open for the long either from 1.3765 if they show they just wont let it pass or test the overall lows at 1.3748 with a stop run with no opportunities to short during London and they do so during the NY session. If we do get the conviction above Fridays highs during the London session I will be more open for the long either at a test of Fridays highs for a backside entry or the Asia H/L depending on the push of the conviction.

EU 1hr chart

The GBP/USD made absolutely no attempt to make the reversal Friday but with this gap down this morning it increases the chance of the fake out and we may get it today. I will be open on direction today looking to take the long from any manipulation at the gap lows while open for the short around 1.6516 or even better the 1.6520 psych level just above. If we do get conviction below the gap low I will be bias for the short and look to the Asia highs or Fridays lows to short from.

GU 1hr chart

Forex News Today

The only significant data releases today are during the London session with French, German and Euro Zone Manufacturing and Services PMI figures. As usual the German numbers will have the most impact on a decent size miss unless the French data manages to jump above the 50 expansion level. I have my doubts that will happen but its possible. Otherwise seeing a big surprise from either the German or EZ numbers will have the most impact. I think they will be close to expectations and have a higher probability of disappointing but it would be the first or even third time I have been wrong with data releases 🙂

If you have questions about joining Day Trading Forex Live and becoming an active member please feel free to contact Robin Haywood. He is a current member and has volunteered to answer any questions to give you an idea of what the service involves and support we provide. You can email him at to set up a time for a conversation over the phone if you like or call his US phone line at 702-560-8552 or Skype at RobinHaywood

Do You Enjoy The Daily Forex Commentary? Please Click The Like Buttons, Tweet It, and Google + It Below !!

Related Articles


No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

Sterling Suhr's Forex Bank Trading Course
Learn to trade & profit from market manipulation!! FREE weekly articles & videos!!
Get the latest content first.
We respect your privacy.