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Forex: Think Twice Before Trading Tempting EURUSD, EURJPY Technicals

Forex: Think Twice Before Trading Tempting EURUSD, EURJPY Technicals

John Kicklighter, Chief Strategist

Talking Points:

• There are clear breakout opportunities from many pairs including EURUSD, USDJPY and EURJPY

• With key event risk like US 3Q GDP and the ECB rate decision ahead, a break seem certain

• Follow through is complicated, however, by key follow up fundamentals in October NFPs

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Traders are chomping at the bit with clear breakout patterns forming up on pairs like EURUSD and USDJPY. However, this is the ideal situation for breakouts...but not follow through. There is a heavy round of event risk in the coming 24 hours that includes the US 3Q GDP release, ECB rate decision and BoE rate decision. A volatility spark lit to the kind of technicals we are looking at creates a strong opportunity for breakouts. Yet, to see trends (short or long) develop on these abrupt moves, requires conviction. That may be difficult to find with NFPs set for release the following day. We discuss the trading picture over the next 48 hours and how to navigate it in today's Trading Video.

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