Drivers and direction to Currency markets for the past weeks are USD and Non USD currency pairs. Those pairs currently determine cross pair direction. Certain weeks and periods, cross pairs drive USD and non USD but not this week nor for the past 4 weeks.
Not much excitement exists in this weeks currency prices as ranges are compressed and further compressing. Currency pair trade selection is key as not all currency pairs will perform as past weeks.
Central bank statements to not raise rates for years brings with it a slowdown to price speeds and range compression as interest rates are the primary drivers to currency prices from the 1972 free float inception to present day.
This week EUR/USD and NZD/USD will offer as weekly trades. Its a bottom NZD/USD Vs a top EUR/USD type trades. NZD/USD contains the lowest exchange rates among 65 + currency pairs. If the bottom falls then all currency pairs fall and it includes EUR/USD.
Short 1.1825 and 1.1848 to target 1.1662
Short below 1.1639 to target 1.1499
Long 1.1499 to target 1.1566
long 1.1662 to target 1.1756.
Short 0.6671 and 0.6687 to target 0.6579
Short below 0.6565 to target 0.6459.
Long 0.6459 to target 0.6539.
long 0.6579 to target 0.6644