Talking Points:
– EURUSD in symmetrical triangle on H4 since November 4.
– GBPUSD first support comes in at 1.5421.
– Hints of Future Easing Keep Euro Pinned Lower, for Now
With no ‘high’ event risk on the DailyFX Economic Calendar during today’s North American trading session, it’s a good time to step back, ignore the noise, and refocus on the charts. Regardless of what geopolitical news or central bank rumors there are afoot, it’s always important to remember to shape your views to the charts – not to try and shape the charts to fit your particular biases.
As we wander into the technical forest, we can’t help but notice that there aren’t many similarities among the trees: AUDUSD is back in its September-November range after a false breakout lower; EURUSD has been consolidating in a triangle the past seven trading days; USDJPY remains a momentum favorite, holding its 5-EMA; and GBPUSD’s continuation lower has begun as it hit fresh 14-month lows today.
And yet, when we step back to see the forest from the trees, a clearer picture of US Dollar neutrality emerges: the USDOLLAR Index has traded in a narrow,
Source: Daily fx