FX.co ★ TST as the Foundation for Medium-term Trading

EURUSD Not bad at all yesterday – according to plan and quite enough. And today, after such upward moves yesterday, as expected the day is turning out without any obligations and not only on the euro. The balance zone went up, there are many good control trend lines below, and from the morning there’s already a dilemma – the price just can’t go below the lower edge of the balance zone. It’s been hitting this boundary all Asian session and still can’t start a correction. A correction basically wouldn’t hurt, but the absence of a supply zone confuses things. And in this case the price may well shoot further up without any correction. The main thing is to wait either for a breakout down or a bounce up. In the first half of the day there’s essentially no news on the euro, in the second half there are two important US releases: at 15:30 – the Philadelphia Fed Manufacturing Index, the forecast is very bad (a good reason for the majors to go up). And at the same time, the number of unemployment claims. The forecast there is better, but the first release may outweigh the second. All the more so since the market was heated up by yesterday’s move. But these are only forecasts, and reality may turn out to be completely different.