Dave Floyd
Aspen Trading Group
Traders, while it is anyone's guess what the NFP data will look like tomorrow and more importantly how the market will react, there are two things worth noting.
The Dollar Index (DXC) remains in a sideways chopfest as noted this AM. However, regardless of ones read technically, we are testing the lower end of the range and thus some favor is tilted towards the bullish view. I take it a step further and see a likely bottom from an Elliott Wave perspective.
If correct, that drives EUR/USD lower.
And, as luck would have it, EUR/USD too looks vulnerable to a set-back from the recent rally.
While EW, Fib and price action in general are my mainstay technical tools, I do look at DeMark Indicators on daily and weekly time frames. If they coincide with my overall technical view I get encouraged. That is the case with EUR/USD.
Just something to ponder ahead of the NFP report.
Dave
The Dollar Index (DXC) remains in a sideways chopfest as noted this AM. However, regardless of ones read technically, we are testing the lower end of the range and thus some favor is tilted towards the bullish view. I take it a step further and see a likely bottom from an Elliott Wave perspective.
If correct, that drives EUR/USD lower.
And, as luck would have it, EUR/USD too looks vulnerable to a set-back from the recent rally.
While EW, Fib and price action in general are my mainstay technical tools, I do look at DeMark Indicators on daily and weekly time frames. If they coincide with my overall technical view I get encouraged. That is the case with EUR/USD.
Just something to ponder ahead of the NFP report.
Dave
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