Inside the Currency Market, EUR/USD, Trump and News Media

Trump Press Conference Best Line: " I'm delivering this message to the public, thank you news media to accept my invitation to show up". 2nd Best quip, " I'm enjoying this". 3rd to April Ryan: " Can you set up a meeting with the Congressional Black Caucus, do you know them" . And the brilliance of Trump marches on in masterstroke after masterstroke.

Trump now proves he is far to smart to allow the news media to set him up, define him, place him in a box then detroy him as was the media's common practice towards Republicans dating to the 1970's. Trump's message is I changed communication terms.

Deal on my terms or news organizations will fall into the back of the line. Thank you for showing up says to media "you are irrelevant". I'm enjoying this allows Trump to take the media out of the equation unless they capitulate to the new strategy. The shell shock look on Ryan's face revealed how effective is Trump. Best aspect is he takes the media out in front of full public view. News media in America either joins a higher sophistication or falls further into deeper irrelevancy.

Trump's Tax proposals are beyond Pro growth strategies but rather Trump is setting up America to become an economic powerhouse. Proposals allow American company monies to repatriate home. Corporate taxes lowered to 20%. Elimination of Income taxes and revert to consumption taxes. Allow full depreciation deductions on investments in first year. Exports won't be taxed to eliminate double taxation. The idea of " Border Tax" and "Stimulus" are now irrelevant Keynesian terms as Trump moves expeditiously to the Supply Side equation with focus on prices. Trump is far to smart to fall into the Keynesian Trap. Passage of Tax proposals would ensure, Keynes is gone to rest peacefully.

EUR/USD. Range today 1.0590 to 1.0801 for 211 pip range. Two lines prevent EUR/USD to move higher, 1.0665 and 1.0719. Current price is below both lines. Above 1.0719 then masses of resistance exists from 1.0721 then 1.0730 to 1.0750's. The top line in the channel today is located at 1.0774 and a must break to see 1.0801. Not likely today.

We're looking to hit bottoms today at 1.0615 EUR/USD hits bottoms by breaks lower at 1.0649, 1.0642, 1.0630 and 1.0626. What's driving EUR is the USD side and its driving EUR/USD lower but painfully slow. As EUR/USD remains below 1.0665 and 1.0719 then both lines will move down with current lower prices.

EUR/USD Current Trading Positions