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Trading Outlook – EUR/USD
Posted On 23 Jan 2015
Comment: 0
Originally updated: 06:49
Status: Pending
Trading period: SHORT
Currency pair: EUR/USD
Entry: 1.1375-1.1380
Take profit:
Stop: 1.1425
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 September 2003, as Mario Draghi launched a much anticipated QE program. The ECB will buy €60 bn a month starting this March until September 2016, a slight surprise to the market which was looking at around €50 bn a month. On top of this we have the Greek elections this weekend which could see the euro sink further should the Syriza party win. With such divergence between the US and eurozone the EUR/USD has further downside on the cards.
Technicals: I am looking for selling opportunities with a good confluence zone at 1.1375-1380.
Stop loss could be placed at 1.1425
Target area: Open
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