New York Session February 25th 2014 – EURUSD & Swissie Correlation
45 Minutes into the New York Session we are seeing some nice pair correlation between the EURUSD & USDCHF. The EURUSD is creeping ever so closer to the 1.3705 level mentioned in Chad’s Daily Commentary this morning. There is also a possibility that this might be the turning point right at yesterday’s lows as this is a classic New York Reversal setup coming into play. The Swissie correlation just adds nice confluence to the expected outcome.
As it stands the EURUSD respected yesterday’s low almost to the pip, forming a nice pin bar on high volume, indicating that the selling may come to an end soon. Something to keep in mind is the USD New Home Sales coming out at 10am EST. “Keep an open mind and let the market come to you without trying to over complicate or make a setup look better than it actually is!”