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USD Rallies On Better Than Expected GDP – Forex Analysis 2/29/16

February 29
01:19 2016

EUR/USD Gives First Push Down

Going back to Friday we did have a stop run of our lower manipulation point. Overall this was a nice setup. We had a break of the level about an hour and a half before the actual confirmation as we then pushed a bit lower before finally confirming to the upside just prior to noon. This trade was stopped out rather quickly and took back 2% of what was an otherwise very nice week of trading. For today I will be treating the EUR/USD as haven given a first push down and therefore I will be looking for the second push to the downside. Looking at the COT data we did see some buying pressure but this is only representative of the price action up to Tuesday. Since we have broken to fresh lows, what happens next will be rather important. For today I have two upper manipulation points from which I will look for the second push to the downside.

EUR/USD Chart - February 29th 2016

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Pound Sets Fresh Lows

The GBP/USD sets fresh lows and we are nearing the 2009 lows. Although I’m looking for the second push to the downside in the Euro, I’m not looking for the second push to the downside in the GBP/USD. For those of you who are members be sure to watch the daily market preview for a breakdown of why the GBP/USD is in a slightly different position, and why I’m keeping the directional bias open. Because we are breaking fresh lows we really don’t have a lower level from which to consider any type of stop run long. Additionally we have very few upper manipulation points from which to consider. At this point I have only one upper level and if that breaks I would need to see a new level created in order to trade from.

GBP/USD Chart - February 29th 2016

Forex Market News For February 29th 2016

US Pending Home Sales 10:00 AM Eastern: Previously this has been a news item that I would not carry a trade into. The time has passed since seeing a 15+ pip spike on this release so I’m not as concerned and I would carry into it.

-Sterling

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About Author

Sterling Suhr

Sterling Suhr

Hey everyone, my name is Sterling Suhr. 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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