- You can see that the Euro has fallen pretty significantly during the trading session on Thursday, and midday in America, we are down 74 basis points.
- We are well below the 50-day EMA, and it looks to me like the 1.04 level will be targeted.
- This is an area that has been important more than once, so it makes sense that we are here.
If we can break below there, then I think the euro continues to drift lower, perhaps heading back down towards the 1.02 level. That would be a lot of noise and drama quite frankly, what's going to end up being more of the same trading noise that we had been in for months. That's the frustration of a Donald Trump presidency because I have to assume he tweeted something, because basically what happened today was New York opened and there was random panic.
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So, with that being said, and with the markets looking at the GDP numbers in the United States coming out as expected, one would have to assume that maybe people had anticipated that GDP was going to come in lighter than expected in the United States. And they were betting against the greenback as a result.
The Range Continues
All things being equal, I think we're stuck between the 1.02 level and the 1.05 level as a trading range, and you should trade accordingly. I don't expect big moves, and even if we rallied again, like I had been saying, I'm not bullish of the euro until we break above 1.06, because there's so much noise in that general vicinity that it's not like we're just going to simply take off straight up in the air, regardless. So, I think we're stuck in the same range we've been in since basically the early part of December. In other words, there is nothing new here.
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