Currency market: EUR/USD, GBP/USD and USD/CAD

Brian Twomey Brian's Investment

Today is an FX education day and begins with EUR/USD.

Yesterday ECB reported EUR/USD at 1.1618 while written yesterday was 1.1645 and 1.1609. Off 9 pips. Was the ECB wrong and me correct or was the ECB correct and me wrong.

ECB says the price is a concertation procedure between central banks across Europe. Concertation is an old French word used particularly in politics to bring opposite factions together to agreement.

Here's your concertation. Today's 5 numbers 1.1542, 1.1561, 1.1575, 1.1631 and 1.1661. Vs yesterday 1.1544, 1.1563, 1.1576, 1.1632 and 1.1661.

In 24 hours of Fx trading, the difference is 2 pips or the exact same trade as yesterday. Appears as a very boring concert.

EUR/JPY yesterday 132.39 and 132.03. ECB 132.47 or off 8 pips vs EUR/USD 9. Maybe the instruments at the concert weren't in tune.

EUR/JPY topside numbers are located at 132.78, 132.86 and 132.95. The target is 132.86 and never the upper most number as top numbers rarely trade. USD/JPY or EUR/USD must trade extremly well for 132.95 to trade.

From long term views, EUR/USD remains governed by 1.1620 and 1.1665 then comes today's 1.1717 and the longer term average at 1.1950. At 1.1665 held Monday then EUR dropped. Today's day trade suggest 1.1665 holds again from the top at 1.1661.

GBP/USD yesterday's 5 numbers 1.3694, 1.3717, 1.3732, 1.3799 and 1.3834 Vs today 1.3693, 1.3716, 1.3731, 1.3798 and 1.3833. GBP/USD changed by 1 pip in 24 hours of trading.

AS GBP/USD 1.3840 remains the big break to target higher prices, 1.3840 holds yet again today.

EUR/USD and GBP/USD are coordinated by 1.1665 and 1.1717 and 1.3840 and 1.3777 for lower targets.

November 7 times change to fall back 1 hour. Day trade will beove and done by the trime American stock markets open.

Yesterday's USD/CAD 5 vital numbers 1.2318, 1.2338, 1.2353, 1.2412 and 1.2444 Vs today 1.2326, 1.2345, 1.2361, 1.2419 and 1.2451. A change of 7 pips.

USD/CAD vital break above is located at 1.2458 then 1.2547. At 1.2458 and top today at 1.2451 says USD/CAD won't break higher.

The 3 main currency pairs driving Fx markets must eventually break vital levels otherwise, markets are stuck in small ranges.

November 7 times change to fall back 1 hour. Day trades will be over and done by the time American stock markets open and 10:00 am EST will no longer hold significance to trades and trading.

Author

Brian Twomey

Brian's Investment

Brian Twomey is an independent trader and a prolific writer on trading, having authored over sixty articles in Technical Analysis of Stocks & Commodities and Investopedia.

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