by Johan Kriek (firstname.lastname@example.org)
- Demand for risky assets takes center stage once again, forcing the dollar weaker
- BoE, ECB interest rate announcements tomorrow still risk for GBP, EUR weakness
No trade zone, bullish probability. The 60minute trend is bullish but price is approaching significant resistance which is the bearish current trend resistance line (blue line) at 1.3060/75
I will stand back and wait for this resistance to be violated first before deeming the EUR tradeable. Come and join the Live Trading Room here at FXinstructor to see how this one develops
Bullish trading condition. For as long as the 60minute trend remains bullish we will have a nice trading condition. 1.4490 should cause a halt in price movement as it was a previous significant low (support) which is now resistance. Watch market rhythm closely, if the 1 hour stochastic turns bearish we will have a no trade zone but as long as market rhythm is trending higher Bob’s your Uncle. Keep an eye on the UK PMI figure as well as US ADP employment change later
Have a good one!