Forex Flat Despite Busy Calendar

Overall, despite the calendar being loaded with top-tier reports, the currency market has failed to move anywhere of importance in trade on Thursday.

The pound was the only pair that had a daily range bigger than 100 pips, while the cad and the swissy were at the other end of rope, with a daily range of approximately 60 pips.

The market's inability to move is quite strange, since both the ECB and the BoE were scheduled today, and both offered plenty of opportunities for the market to rally. This is one of the first signs we have had that global growth may be starting to be gaining enough momentum, possibly, to be able to wean the dollar off the S&P drip-feed, and onto the interest-rate differential diet.

Dollar Index Technical View: TheLFB Member Charts

Daily chart trend: Short. Main price points: 75.00. Looking for: Ending diagonal

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Trade Plan of the Day. Currency Glossary.

Prices on the dollar index daily chart are threatening the upper line of an ending diagonal, where a break-out will confirm that the bottom is in place. In this case a retracement into the red wave IV area will be expected, while the current lows around the 75.00 zone must hold.

The RSI indicator is showing a bullish divergence, which also indicates a change in trend direction.

The euro (Eur/Usd 1.4875) moved up and down around the 1.4860 area, where the 20-day moving average is located. Until now, the euro has failed to move anywhere decisively, even though the ECB Press Conference offered some very good opportunities for the market to rally. Historically, the ECB press conference is very volatile, but it had little effect on the market's valuation.