Good morning,
Allowing for an extended absence due to travelling on business as well as an unfortunate bout of food poisoning I’m back albeit in less than stellar form.
Given all of the above I am hard pressed to have a clean view on this market other than to say that we are in the midst of seeing some extreme price action which is likely to continue into the end of this week. By extreme I mean the fact that we’ll be jumping from one end of the scale to the other rather than anything particularly volatile. In fact if anything we’re seeing very quiet price action at the moment, it’s been deathly quiet the last day or two.
In reality all that’s happening is the selling out of an overdone long USD position across the board and this will likely swing back in the coming days. What does that mean for the majors? EURUSD should sit below 1.3830/50 with a decisive break above opening 1.4030, I however remain a cautious seller into 1.3850 with tight stops looking for a move back into 1.3650 and/or 1.3580.
Elsewhere it’s a similar story in that the USD will come back and it’s just a matter of getting your timing right.
Data wise we have UK unemployment as well as FOMC minutes later today. I’m not sure that either will necessarily be market moving in the broader scheme of things.
Clearly I’m still not feeling 100% and the above reflects that, so apologies…
I will be once again travelling over the next couple of days (no rest for the wicked) and should be back in the office next Monday.
Best regards,
Ken Veksler
С Уважением | Yours Sincerely | Med venlig hilsen
Ken Veksler - Senior Manager | Trading and Advisory
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