I hope you are having another great start to a new week of trading.
For this week’s “Technical Tuesday” Analysis Session, we continue our discussion about the inter-day price dynamics within the EUR/USD and USD/JPY currency pairs, and offer various trade setups & scenarios with projected targets, that could be forming over the next few trading sessions. Financial markets opened this week with US Dollar weakness driving most dollar-denominated risk assets higher ahead of key risk events later this week. Our technical analysis supports the idea to short the dollar and look for opportunities to sell the greenback on strength.
But, this preferred currency play may be limited in light of tomorrow’s “Big Wednesday” which will report a combination of high-priority, first-tier news & headlines involving the release of the ECB Monetary Policy Statement, EU Summit, and FOMC Meeting Minutes. US 10-Year Treasury Yields were subdued during the first half of the trading day, which kept most of our dollar-denominated majors fairly bid, despite recent reports that the US is threatening further tariffs on Europe. Meanwhile a lack of clarity regarding possible outcomes for the Brexit ahead of the EU Summit is also serving to keep EUR/USD & USD/JPY constrained within a mode of consolidation. Tomorrow’s headlines and developments will be key in reinforcing the short-term bias on the US Dollar and whether we will see Dollar weakness continue..
But, I hope you get a lot of value from watching today’s Technical Tuesday session. If you need some solid trade ideas, then make sure you watch today’s Technical Tuesday video as soon as you can.
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Marvin Perry has been an active trader within the Forex market since 2010. He attended the University of Illinois in Urbana/Champaign, and graduated in 2002 with a double major in Cell and Structural Biology and Chemistry. He currently serves as an FX instructor & Quantitative Analyst for the Forex Anatomy Private Trading Community called "The Lab", where he conducts live weekly trading webinars & instruction on Fundamental Analysis & Inter-Market Interpretations of dynamic asset classes and their influence on currencies.