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Trading Outlook – EUR/USD

Posted On 05 Dec 2014
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Trading outlook – EUR/USD

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:

After a more dovish tone from ECB President Mario Draghi yesterday, the euro rallied to new highs, only to see strong offers step in after news spread across the wires that the ECB are preparing a broad based QE package for their Janauary meeting. From the US we have NFP out later today which if better than expected should bring further selling of the EUR/USD.

Technicals:

I expect this pair to continue its down move during the session and eventually hit 1.2320. If the market does retrace back up then there is a nice confluence zone of resistance that traders could use as a reference to sell from again.

The confluence zone is at 1.2430-1.2440

Stop loss could be placed at 1.2480

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Source:: Trading Outlook – EUR/USD

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Jarratt Davis is the world’s ranked #2 (2008-2013) Forex Trader by Barclays FX Hedge Index, following years of mastering his art as a self employed trader Jarratt has now entered the field of education and delivers the most robust Forex education package on the market. Jarratt’s mentorship is one of the only programs on the market that is conducted by a verified professional trader. Forex Alchemy readers can get the FREE mini course where Jarratt gives away some of his secrets to success by Clicking Here... [space height="20"] [social type="facebook"]www.facebook.com/JarrattDavisForex/[/social] [social type="twitter"]https://twitter.com/jarrattdavis[/social] [social type="google-plus"]https://plus.google.com/+JarrattdavisForexTrader/[/social] [social type="youtube"]https://www.youtube.com/user/JarrattDavisForex[/social]

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