Trading Video: EURUSD a Better Trade Opportunity Despite GBPUSD Event Risk?
• The balance between Market Conditions, Fundamentals and Technicals is shaping trade probabilities
• Nevertheless, event risk for the Pound tops the docket today with the BoE talking forward guidance
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There are high-profile and long-term trade patterns shaping up in the FX market, but the more probable opportunities are the shorter-term range and breakouts. Market Conditions - as a third dimension to trade and systemic analysis - still favors short-term developments. That means a wedge formation from the EURUSD on the two-hour chart carries better potential than the high-profile GBPUSD break above 1.7000 or the pent up pressure for USDJPY in a multi-year technical pattern. With that in mind, we head into noteworthy event risk from the UK and key technical levels for a range of currencies with expectations for what is reasonable from the markets. We discuss this and more 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.