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What To Watch On EUR/USD
Analysis by NewstraderFX I'd like to present a technical view on EUR/USD that does not attempt to predict what might happen insomuch as it points to something which will attract the attention of trade desks all over the world, and therefore presents what may be a nice trading opportunity. Wouldn't it be wonderful if everyone all over the world agreed to look at (for example) a cross of one MA over another and take that as a signal to buy. Demand would outstrip supply and price would rise in a nice straight line. If you've been looking at things lately, I'm sure you've realized how "trend-less" and choppy conditions are. There are a number of reasons for this (that we can discuss in later posts on this thread) which we'll leave alone for the time being. However, have you felt a bit of frustration with this? I know that I have because as with many who trade forex, I'm certainly aware of how the trend can be your friend. So let's just say that right now, I feel rather "friend-less" in this "trend-less" environment. Turning to the chart, I've outlined the daily band within which EU has been trading for the better part of 2 months. The only break came last week when the Euro bulls were hoping to hear some hawkish tones from Mr. Trichet and when they failed to materialize, EUR/USD promptly ducked right back into its range. The band relates to the point I made before about how great it would be if everyone looked for and traded the same technical indicator because if you really think about it, that's what makes a technical (or fundamental) indicator effective-the more simple and obvious something is, the more people will see it and the more it's likely to be traded the same way. That's what this daily trading range is-simple and obvious-which is exactly what makes it so meaningful. As we can see, price is approaching the top of the band. So what may happen from here? Short answer-I don't know. But that doesn't matter because my only approach from this point is this: Link to the full article [url]http://www.thelfb-forex.com/content.aspx?id=14310[/url] [IMG]http://www.thelfb-forex.com/uploadedImages/seminars/weekly/LFB-Play-button%20(40%20x%2042).jpg[/IMG] [url]http://www.thelfb-forex.com/[/url] Play the Daily Market Video Wrap
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