In this video, the Trader Guy looks at the currency pairs, EUR/USD and GBP/USD for the June 28th session.
EUR/USD — We have in fact gapped lower at the open on Monday session and then turned right back around to try to fill that gap as we continue to bang around the 1.10 level. This is an area that I think quite frankly is important, but given enough time we will probably break down below here. This is due to so much uncertainty in the markets that almost favors the dollar anyways. On top of that you have to keep in mind that it is centered around the European Union and the United Kingdom. So, if you look at the Atlantic Ocean, I believe that the money is going to flow from the right to the left. So, an exhaustive candle on a short-term rally might be the way to go and it could take a couple of attempts to break down lower.
GBP/USD — The pound is a different story, we gapped lower and there is really no sign whatsoever of strength here. I think we are going to 1.30. Any rally from here could fill this gap, but I find it very difficult to imagine that we are going to go beyond that.
© Prabhu for Forex Videos, 2016. |
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