EURUSD 1.3200 Breakout Stalled by Mum EU Summit, Google Earnings
As expected, the risk appetite-supported run that carried equity indexes and EURUSD to their respective highs ran out of steam before the serious breakouts were secured. For the world's most liquid currency pair to overtake (and rally beyond) 1.3200 and the Dow Jones Industrial Average to clear four-year highs above 13,665, bulls must be convinced of follow through. Without specific catalysts to throttle investor confidence higher, the market will return their focus to slowing growth, earnings and yields. The top event risk from this past session (the Chinese GDP figures, EU Summit remarks and shocking Google earnings report) underscored skepticism. However, we have yet to commit to a full-fledged reversal within broader congestion. We talk the sentiment backdrop, event risk, trade setups and more in today's video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.