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Trading Video: EURUSD Breakout Has Problems, Pound Trades in Focus Again

Trading Video: EURUSD Breakout Has Problems, Pound Trades in Focus Again

John Kicklighter, Chief Strategist

Talking Points:

EURUSD managed to break a short-term range, but follow through will struggle with the chosen direction

• To overcome quiet market conditions, we need technical breaks that leverage fundamental trends

• Ahead, the Pound has key event risk and appealing trade setups; while the Dollar and Yen face key data

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A short-term breakout - like that won by EURUSD this past session - fits the kind of market conditions we have been dealt with as of late...unless it is a break against the prevailing fundamental and technical trends. The benchmark currency pair managed to clear a 6-week trendline around 1.3625 to resolve a terminal range, but the difference between US and Eurozone monetary policy bearings present a serious headwind to generating follow through. This same technical versus fundamental mentality has sapped the drive out of the S&P 500's attempt at a reversal and GBPUSD's break above 1.7000. In today's Trading Video, we look at the key event risk ahead and work out the best scenarios alongside the technical picture for the best trade opportunities.

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