We have the UK Unemployment rate at 08:30 GMT as well as the Fed’s Beige Book later at 18:00 GMT. The Fed’s Beige book will give us insight and maybe additional confirmation about Bernanke’s recent Hawkishness.
Herewith the Probability Studies for Today
EUR/USD – No Trade Zone within a Bullish Probability. The bearish 60minute trend has been violated to the upside, therefore the bullish probability. As soon as the violation is confirmed, we will have a suitable bullish trading condition which will most probably last for the whole European Session today. Any new lower significant peaks accompanied by bearish hourly indicators will give us a bearish probability once again, but for now, bullishness is at hand
GBP/USD – No Trade Zone within a Bearish Probability. The bearish 60minute trend is still intact and as soon as the hourly indicators give us a confirmed bearish cross, we will have a bearish trading condition once again. Keep an eye on the UK unemployment figure later today as it will most likely change/confirm the underlying probability
USD/CHF – No Trade Zone. As we can see, price is trending within the violated bullish Current Trend channel once again (dashed support line) Therefore we can only identify a suitable trading condition if the Bearish Current Trend resistance line is violated to the upside
USD/JPY – Bullish Trading Condition. Although the Stochastic is overbought, an overbought indicator within a bullish probability can be misleading. As long as price trends within this bullish 60minute trend, the Bullish Trading condition will prevail
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