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Forex Trading

EURUSD moves to new day highs

The last hour of the London session is approaching and the price has pushed to new highs for the day. The London high, prior to this last push, came in at the 1.3134 level. The new high now comes in at the 1.3145 (so far). The range for the day still remains at a small 67 pips. The average over the last 20 days comes in at 120 pips. There is room to roam.

ECB’s Juncker on the Wires

Says:

  • He sees no link between the Greece and Spain situation
  • Expects Spain to reach its 2013 deficit goal
  • ‘Final decision’ wednesday on Greek program
  • No decision today on ECB executive board vacancy
  • ‘Underdramatic’ eurogroup meeting in Brussels today
  • No desicions on Spain, Portugal  at todays meeting
  • Portugal doing quite well, Spain has some problems

 

 

 

Greg Michalowski speaking in Madrid at The Trading Room

Greg Michalowski speaking in Madrid at The Trading Room

Dow trading in the narrowest trading range in almost a year

The 43 point trading range is indicative of a non trending market. Non trending transitions into trending -eventually. Traders will be watching for a break and momentum but that might still take some time.

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EURUSD falls below 100 and 200 bar MA intraday chart in quiet trading day

The EURUSD has fallen below trendline and the 100 and 200 bar MA on the 5 minute intraday chart at 1.3105 currently, but action remains choppy in early NY trade. The range today is a narrow 57 pips today for the pair after the trend move down after the better than expected NFP report on Friday. The range has the possibility of being extended (the narrowest range for 2012 so far has been 57 pips).  The 20 day average range for the pair is 120 pips.

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