Daily Forex Analysis Today (04 Jan 2021) with LCMS Traders
In today's currency Gimmy discusses the upcoming FOMC Meeting coming up at 03:00 GMT+8 this Thursday, DXY analysis and US Economic News for today and tomorrow and the EUR analysis including trade ideas.
Time stamps for today's episode:
FOMC Meeting preview with Gimmy: 03:17
DXY analysis with Scotty: 08:57
EURUSD chart analysis with Gimmy: 12:44
EURGBP chart analysis: 21:14
EURUSD selling off here entry was 1.1290 as mentioned earlier in today's currency call, with a 30 pip stop loss and 60 pip take profit. At 23:00 GMT+8 tonight there is the ISM Manufacturing PMI (Dec) if it comes in as expected or slightly above this could offer a buying catalyst for the USD and offering more selling pressures for the EURUSD. If this initial entry at 1.1290 was missed a sit and wait approach if price can break through the recent lows of 1.1270 is my thought with a 20 pip stop loss and 40 pip take profit. EURGBP still holding below the 0.8400 resistance level, the entry was mentioned at 0.8370 using a 50 pip stop loss and 200 pip take profit or even more if price action shows further weakness to the 0.8080 support level with a longer term bearish thesis in place for the EUR against the GBP.
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