In this video, the Trader Guy looks at the currency pairs, EUR/USD and GBP/USD for the July 11th session.
EUR/USD — We went back and forth during the day in a rather volatile session. That is pretty common when it comes to Non Farm Payroll Friday. The jobs number was stronger than anticipated and therefore I think we are going to favor the US dollar. Also, there exists so much concern in the European Union and the banks within the EU. Short-term rallies are seen as selling opportunities. I am not looking for some type of massive meltdown. I just believe that we will continue to have general negativity.
GBP/USD — We initially tried to rally, but then turned back around at the 1.30 level to form a shooting star. This is a second day in a row and that is a very negative sign, but we have had a hammer just ahead of that. So, I think we are going to really hang around in this area, until we build enough momentum to the downside. Rallies could offer selling opportunities. I have no scenario in which I am willing to buy this pair.
© Prabhu for Forex Videos, 2016. |
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