This is one of those fundamental events that I stay away from as we can potentially see some massive moves and larger spreads during those moves. Ever been stopped out of a position without your stops actually being hit? Yup!
Although I won’t be trading during it, I still like to perform my and see if I can predict where price action may shoot too after all of the madness is said and done. After all I firmly believe that the technicals tell you where the market will go and the fundamentals just help push it there faster.
To the side I have a potential on the daily along with a level of previous which could prove to be a good holding area. While to the side I’m still eying up the intermediate level of resistance that we were looking at in yesterday’s trading session. (Here’s the video in case you missed it https://www.youtube.com/watch?v=EILqWnNzJUw
There’s more resistance to the upside but its way too far to be attacked today as it’s over 400pips away….but hey you never know, that’s why I don’t try and predict these things.
Chief Currency Analyst at Trade Empowered
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