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Trading Outlook – EUR/USD
Posted On 07 Nov 2014
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Originally Updated: 06:45am
Currency Pair: EUR/USD
Sentiment: Bearish
Market focus:
In today’s trade set up we will be focussing on short term selling opportunities on the EUR/USD.
Fundamentals:
Our focus today is on the EUR/USD with the U.S. employment numbers due out at 13:30 today.
Flows have been moving into the Dollar of late with investors expecting the Fed to raise interest rates next year after signs of an improving economy. The euro fell to new lows yesterday after ECB President Mario Draghi said he would increase assets back towards March 2012 levels, essentially seeing another 1 trillion euros being injected into the system to help the sinking euro economy.
For many the big question will be is this enough? I find it only a matter of time before they are forced to start QE to bring life to a flagging eurozone.
Technicals:
We have a nice confluence zone at 1.2470-1.2475. This should offer short term resistance for any pullback.
Stop loss could be placed at 1.2530
Take profit target: 1.2400
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