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Forex Forecast August 10th, 2017

News Review

Let’s start by reviewing our Forex economic calendar HERE,  we just had Continued jobless claims report being released, better than expected but Initial jobless claims didn’t meet expectations and fell short and the market didn’t make any great moves based on this. We do have Fed’s William’s speech in 1 1/2 hour and whenever he opens up and talk he always manages to cause some volatility.

Chart Review

Let’s review our Forex charts HERE, yesterday we talked about a possible continued retracement for DXY but also that on a lower tf (time frame) it looked like it would retest 93.35 first. This morning based on the numbers for continued jobless claims and initial jobless claims, we think that DXY is going to retest 93.35.

There is short term liquidity at 93.35 and it would be collected in order to support a higher push up again by the end of the week; a larger liquidity pool rest around 93.00 and would make a stronger bullish push possible.

Looking at EUR/USD it also supports a bearish move because it has collected long term liquidity at 1.1680, beyond that it was a slow day. Many people are going to look at yesterday’s candle and think they have a perfect pinbar on 1 hour tf , however, it is not a qualified pinbar so be careful if that is the way you trade.

Short term liquidity was collected at 1.1680 at EUR/USD yesterday, additional liquidity rest at 1.1640 and we believe it will be collected before the end of the week. This means we believe the support from 2015 will be broken and probably today, we are still short since 2 days ago and we are holding the position in profit so far but be careful, DXY is still looking at additional liquidity at 93.35 which means EUR/USD would be bullish during that time.

Review our charts and follow them accordingly.

Play it careful and enjoy.

DXY Forex Forecast August 10th, 2017. Trading signals with http://www.myownforex.guru/forex-signal-options/. Sign up for copy trader

DXY Forex Forecast August 10th, 2017. Trading signals with http://www.myownforex.guru/forex-signal-options/. Sign up for copy trader

EUR/USD Forex Forecast August 10th, 2017. Trading signals with http://www.myownforex.guru/forex-signal-options/. Sign up for copy trader

EUR/USD Forex Forecast August 10th, 2017. Trading signals with http://www.myownforex.guru/forex-signal-options/. Sign up for copy trader

About Chris

Chris Wittusen started trading in early 90's, mainly in stocks but is now mainly trading in Forex (currency trading). He also manage a successful Forex group on Facebook, where he shares his knowledge to other people that want to learn more about how to trade in Forex. His technique still applies to both Forex and Stocks due to his style of naked chart trading along with box trading.
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