Let’s start by reviewing our Forex economic calendar HERE, today we are in for several high impact reports that can create some volatility, the reports from the UK did create volatility on GBP/USD and our trade on that pair paid out over 100 pips. We have several retail reports today and we will see what the state of the market is with that, along with some import reports as well that are considered the medium impact.
Let’s review our Forex charts HERE, yesterday we forecasted for a bullish rally on DXY and we said we think it will push up against 94.50, right now we are on our way and we will test 94.00 today. We are looking for the gap to be closed on DXY because there is liquidity resting right around 94.50.
We also said we think EUR/USD will test support from 2015 at 1.1720 which it did overnight, we expect it to break through the support at 1.1720 and continue through 1.1700 and then test 1.1610 from 2016 where it could potentially turn back up again and test 1.1700.
There is short term liquidity resting at 1.1640 for EUR/USD and short term liquidity resting at 94.50 for DXY, both of these liquidity pools will be what drives the movement of the pairs over the next couple of days.
Review our charts and follow them accordingly.
Play it careful and enjoy.
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