Forex Trading Video: A EURUSD or S&P 500 Breakdown Before the Weekend?
• The S&P 500 has moved back to the floor of a reversal pattern, but a break is difficult as risk is mixed
• EURUSD highlights better progress but momentum on this pair reverts to rate forecasts
• With big-ticket catalysts and policy events next week - and the weekend ahead - big moves are unlikely
Download the Consecutive Bar Indicator used in today's video for free and use it to measure the historical significance and over-extended level of the markets.
The S&P 500 is just one of a few market benchmarks that are leaning on key technical levels. Yet, whether we are looking at risk-sensitive Yen cross ranges or rate forecasts for a EURUSD reversal, upgraded to breakouts or trend development is difficult to do into the end of the week. Not only is time running out before liquidity drains for the week, but we further have a heavy docket next week of risks and yield forecast catalysts - like NFPs, the ECB rate decision and Japan's tax hike. This major event risk can jump start major trends and curb development in the lead up to their release. We look at setups, event risk and timing the market offers 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.