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Trading Outlook – EUR/USD
Posted On 05 Jan 2015
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Originally updated: 06:20am
Status: In Progress
Trading period: SHORT
Currency pair: EUR/USD
Entry:
Take profit:
Sentiment: Bearish
Market Focus: In today’s trade set up we will be focussing on selling opportunities on the EUR/USD.
Fundamentals: The euro plummeted to new lows, seeing the weakest levels since 2006, as Mario Draghi hinted last week the ECB will start its QE program. This could in effect happen as soon as 22 January when the ECB meets again. To add fuel to the fire, it was reported that German Chancellor Angela Merkel is ready to accept a Greek exit from the eurozone as Greece’s political situation brings a shadow of uncertainty to the table should Greece’s opposition Syriza party win the elections on 25 January.
Technicals: I expect this pair to continue its down move, however we have seen a large one way move last Friday and this morning already. For this reason I remain on the sideline for now, looking for selling opportunities on any decent rallies.
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