Just noticing a developing situation on the EUR/USD daily chart that merits bringing to everyone’s attention. Right now price is trading above even the new channel that we’ve been watching develop over the last month. Of course, I would like to see a daily close above this channel before I get too excited but take a look at today’s candle so far, in the chart at the bottom.
Of course, we have FOMC Meeting Minutes from the March 19-20 meeting coming out on Wednesday. This will give us some potentially market moving information about what the FED folks were thinking a few weeks back. They did not have the terrible employment data from last week in their hands at that point so it’s just another somewhat stale peek but as far as technical situations go, a break above this channel could signal a willingness to move higher from here. Stay tuned and let’s see what happens. If I plan any trades I’ll update things here.
As always, please remember, this is NOT a trade call, just an opinion I’m sharing as things develop in real time. Please plan your own trading accordingly and take responsibility for whatever you do with your own account.