European Open

With inflation data for Europe and the US in today's European session, we take a look at EUR/USD to identify key levels and a directional bias.

With a host of inflation data from Europe and GDP data for the US, implied volatility has picked up to wake markets up from their post-Thanksgiving lull. Today we take a look at USD/JPY and EUR/USD for a potential setup.

GBP/USD has continued to take advantage of a weaker US dollar and rise to an 11-week high. And with a high level of volume activity overhead, we see the potential for a move to 1.27.

Has the rally on EUR/USD gone too far, too soon? Whilst it shows the potential for further gains, a pullback would not come as too much of a surprise. And with the Nasdaq rising ~80% of the Wednesday's ahead of Thanksgiving, we feel inclined to seek intraday bullish setups today.

With the US dollar continuing to soften during Monday’s Asian trade, we now wait to see if it can help EUR/USD break above a key resistance level. But with the 200-day MA nearby for the US dollar index, it might may hit a bump in the road.

Today we look at a cheeky long setup on gold with its double bottom pattern at support, and an interesting setup on EUR/CHF which could appeal to bearish swing traders.

Whilst the 200-day MA stands in the way of further DAX gains, I suspect a move to 16k could still be on the cards. USD/JPY could also test 150 as part of its next leg lower, if incoming US data disappoints.

Once again, the 1-day implied volatility levels for EUR/USD and USD/JPY have blown out ahead of a busy calendar. Central bank members from the Fed, ECB, BOE and SNB will hit the wires, European GDP is also on tap ahead of the key US inflation report.

With central bank members from the Fed and BOE lined up ahead of tomorrow's US inflation report, GBP/USD is a pair to watch for potential volatility. And whilst the DAX has seen a decent rally from its cycle low, I'm looking for a potential swing high and pullback to 15k.

A quick look at the charts suggests the British pound might be nearing a burst of energy, and that could be beneficial for GBP/USD bulls or EUR/GBP bears.

Both EUR/USD and GBP/USD have found themselves under pressure from a stronger US dollar this week and are at risk of closing lower for a third if traders take any hawkish Fed comments to heart. Yet the daily trend structures mean I am also on the lookout for swing lows for both pairs over the near-term.