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Trading Video: EURUSD Back to 1.3500, Dow Closes at a Record High

Trading Video: EURUSD Back to 1.3500, Dow Closes at a Record High

2014-07-17 01:10:00
John Kicklighter, Chief Currency Strategist
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Talking Points:

• A second day of Yellen testimony didn't bring surprise, but it did seem to foster a USD and risk rebound

• Between a firmer dollar and easing of Euro-area fears, EURUSD has ended the day at key support: 1.3500

• Despite heavy event risk which offered clear favor to the pound, GBPUSD refused to progress beyond 1.7200

Expect breakouts? Use the DailyFX Breakout 2 strategy to signal or confirm setups!

Despite a mix of data that offered a distinct favor for the sterling, GBPUSD failed to overtake 1.7200. Meanwhile, a more mixed picture for EURUSD wouldn't keep it from pulling into 1.3500. Both majors are at key technical levels that no doubt have FX traders projecting serious trend developments, but the analysis isn't adding up favorably. Scheduled event risk, underlying fundamental themes, general volatility conditions are not solidifying into the same mold that technicals alone seem to take. With a number of great looking technical opportunities on hand, we discuss the bigger picture for these trade setups in today's Trading Video.

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