To follow up on last week's EURUSD idea, the pair has finally reached higher level of structure that I liked during yesterday's Euro rally. We've now double topped at that level and have broken structure to the downside setting up for a potential 2618 opportunity for those traders looking for a conservative approach to get involved.
We do have A LOT of news on the table today including an ECB press conference and a USD ADP Non-Farm Employment Change number. There aren't many expectations from the ECB this morning as nothing is expected to be said in regards to the monetary policy but there may be some Greece based questions during the Q&A and anything regarding Greece has been moving the markets as of late. Before ADP number which is released before the ECB press conference should be of importance as traders will look to use it to predict Friday's massive news day. There are rumors floating around about "ditching" the rate hike due to global worries so the very bullish sentiment that we had on the USD may not be as strong as before.
"It may be impossible for the Federal Reserve to raise interest rates until the rest of the world economy improves... the dismal performance of first-quarter U.S. gross domestic product may signal a more permanent slowdown, and that the Fed needed to enter a phase of "watchful waiting" before raising rates."
Anyway enough of the fundamentals, the technicals gave me a sell yesterday so I'm still looking short on this pair but it may be an interesting day similar to the Aussie (for those of you in the Syndicate program). Below is a link to the video where I originally discussed the trade setup. The EURUSD talk starts about 11 minutes into it.
VIDEO ON EURUSD TRADE www.youtube.com/watch?v=nWcmy9aV...
Akil Stokes
www.TradeEmpowered.com
We do have A LOT of news on the table today including an ECB press conference and a USD ADP Non-Farm Employment Change number. There aren't many expectations from the ECB this morning as nothing is expected to be said in regards to the monetary policy but there may be some Greece based questions during the Q&A and anything regarding Greece has been moving the markets as of late. Before ADP number which is released before the ECB press conference should be of importance as traders will look to use it to predict Friday's massive news day. There are rumors floating around about "ditching" the rate hike due to global worries so the very bullish sentiment that we had on the USD may not be as strong as before.
"It may be impossible for the Federal Reserve to raise interest rates until the rest of the world economy improves... the dismal performance of first-quarter U.S. gross domestic product may signal a more permanent slowdown, and that the Fed needed to enter a phase of "watchful waiting" before raising rates."
Anyway enough of the fundamentals, the technicals gave me a sell yesterday so I'm still looking short on this pair but it may be an interesting day similar to the Aussie (for those of you in the Syndicate program). Below is a link to the video where I originally discussed the trade setup. The EURUSD talk starts about 11 minutes into it.
VIDEO ON EURUSD TRADE www.youtube.com/watch?v=nWcmy9aV...
Akil Stokes
www.TradeEmpowered.com
"The Trading Coach Podcast" - Available on your favorite podcasting app!
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