In this video, the Trader Guy looks at the currency pairs, EUR/USD and GBP/USD for the July 8th session.
EUR/USD — Today is the Non Farm Payroll Friday and you can see that we have drifted a little bit lower during the day on Thursday. But really I think we are just kind of meandering in this area waiting for the announcement. I am not willing to buy this pair until we get a close above the uptrend line that had previously acted as resistance. I think, given the circumstances of the world right now we are still going lower, no matter what happens. There might be a knee jerk reaction to the upside, but I believe eventually the sellers will return. A straight fall, of course, is a selling opportunity down to about 1.09.
GBP/USD — This is the pair that continues to get pummeled due to the United Kingdom’s decision to leave the European Union, the Brexit vote. So, with that being the case, I think that the market is forming the shooting star. Just yet another signal, to show that the sellers are in control and short-term rallies are definitely going to be nice selling opportunities. I think we go much lower.
© Prabhu for Forex Videos, 2016. |
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