Today’s Trade – Looking to sell $EURUSD

Posted 18th September 2014 – 07:30AM London Time

Trade Recommendations for current Session

Today I’m looking for selling opportunities on EUR/USD following a split vote at yesterdays FOMC meeting which has seen the USD have further albeit slight gains on most pairs.

I’ll be looking to get into this trade if EUR/USD gets to the 1.2900 / 1.2890 level, where I would place a stop loss around the 1.2950 to 1.2975 and a profit target of 1.28375 to 1.28400.

Overall Bias on this trade

Yesterday whilst commentary from the FED remained relatively unchanged two members dissented in their decision to raise rates sooner as oppose to one member back in June. The market has taken this as a positive signal and continued to buy further USD.

Here we have see rise in USD strength across the board with the USD gathering marginal gains on most major pairs, with USDJPY continuing to trade at levels not witnessed since 2008 breaking the 108 level. Of the weaker currencies to pit the USD against EUR and JPY come straight to mind, I would not advise to open a USDJPY trade however as I see little room for further price action in your favour. I will therefore be awaiting a slight EUR rally as an opportunity to get in and start selling it against the USD.

Please be aware however that we do have further commentary from the Fed today at 13:45gmt and US unemployment claims at 13:30gmt, although figures and statements for the most part are expected to remain unchanged I would weigh this in when looking at trading this pair.

Source: Today’s Trade – Looking to sell EUR/USD

About the Author
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