Thursday, September 15, 2005

EUR/USD 9.15.05

5:50 pm- Absolutely Nothing!

Ok, so the market has been crap this week, and I think it's because of the upcoming interest rate decisions for the US. The decision will be made on the 20th (Next Tuesday), which is why I think none of this week's news reports have done anything to the Euro. I was really expecting a breakout today because the range was so narrow, but once again, there were no trades today. I'm not even going to post a chart because if you look at this morning's chart, I can tell you that the price stayed within those 2 dotted black lines. Very boring day today. Anyways, I'm not going to force anything so I encourage you to be patient if you haven't made any trades this week. It will pay off to wait for a good signal.

8:00 am- Analysis

Good morning everyone! I am expecting a breakout sometime soon. Not only have we not seen any movement this week, but there is going to be an interest rate decision for the US on the 20th. Big players are notorious for making moves before the actual rate decision is made so I would expect a big move sometime soon. As for today, the Euro once again made a very narrow range of 40 pips. The US CPI report comes out today which could move the market. However, this week has been unpredictable so I would be very careful. Here are the key levels, just in case you can't see it on the chart:

EU session high: 2236
EU session low: 2196
Calculated targets: 2282 and 2188

I'll try to post throughout the day. Happy trading everyone!

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