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Beware Siren Call of Tempting EUR/USD and Yen Crosses Reversals

Beware Siren Call of Tempting EUR/USD and Yen Crosses Reversals

John Kicklighter, Chief Strategist

The dollar has moved to retrace lost ground; and the rebound has positioned EURUSD, GBPUSD and USDJPY into attractive technical setups. Looking only at the charts, it looks like the pairs are on the verge of breaks that lead into quick reversals. (New to Forex? Watch this video) Yet, this is not the week to ignore the economic docket to pursue simple technical setups. Given the weight of Wednesday's FOMC rate decision and 2Q US GDP, conviction for follow through on a break for these pairs would dry up quickly. In fact, the congestion may offer prime trades should they trigger alongside the fundamental landslide. We discuss conditions, upcoming event risk and trade setups in today's video.

Find out what event risk can threaten the trade setups talked about in today's video with the DailyFX Economic Calendar.

Market conditions change, and our strategy should reflect those changes. We have coded the DailyFX-Plus strategies for Breakout, Range and Momentum to adapt to these market shifts.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.