• EURUSD has dropped 2 pips against the previous day close; missed target set yesterday.
• ↓ 34 pips High & Low extreme move, vs. 45.7 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session WEAK 2.8 -> 5.8 MEDIUM of late session
• EUR in early session MEDIUM 4.1 -> 4.1 MEDIUM of late session
Market Focus & Moods:
• Coming into US trading it looked like a decent bounce was brewing in risk trades but once again, equity sellers hit at the open and so did sellers of and that led to a bid in the yen and a slump in the commodity currencies. EUR/USD ran up to 1.1750 where it hit a wall of sellers before falling back to 1.1715 then bouncing to 1.1730 in a somewhat uneventful day. Overall, the market is waiting for the Fed and for the next shoe to drop in China. There was much more noise than signal in today’s trade but that undercurrent of negativity certainly hasn’t gone away.
• Wednesday, nothing important in the morning.
Afternoon, LND 3pm US Existing Home Sales; 19pm Fed Rate Decision, 19:30pm Fed Press Conference;
• Due to too much noise and clueless, I expect a gone with wind:
– Resistances 1st 1.1735, 2nd 1.1750, 3rd 1.1765;
– Support at 1st 1.1715, 2nd 1.1700, 3rd 1.1665;
– Close around , who knows.
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