Aug. 16, 2016, 04:49
Sell below 1.1235. Stop loss at 1.1310. Take profit at 1.1125
Reason for the trading strategy (technically) :
Price is seeing major resistance at 1.1235 (Fibonacci Retracement, Fibonacci Projection, graphical overlap resistance) where we expect a drop from to at least 1.1125.
The strategy would be to take one short position now and if price rises up to 1.1235, we look to add to our short position again.
Reason for the trading strategy (fundamentally) :
The major news event today is the Euro-Zone ZEW Survey (Economic Sentiment). Up to 300 expert participants are asked about their six-months expectations concerning the economy, inflation rates, interest rates, stock markets and exchange rates in the Eurozone, Germany, Japan, United States, United Kingdom, France and Italy as well as their expectations concerning the oil price. A lower confidence value would be bearish for the EUR. Confidence has dropped to negative for the first time since 2013 and we expect a lower confidence value today which is in line with our bearish EURUSD view.
The major news event for USD is the Consumer Price Index. A higher value would strengthen the USD. We’ve been seeing a steady rise in CPI since the start of the year and we expect the same which means we are expecting a bullish USD. This goes in line with our bearish EURUSD view.
Sell below 1.1235. Stop loss at 1.1310. Take profit at 1.1125
Reason for the trading strategy (technically) :
Price is seeing major resistance at 1.1235 (Fibonacci Retracement, Fibonacci Projection, graphical overlap resistance) where we expect a drop from to at least 1.1125.
The strategy would be to take one short position now and if price rises up to 1.1235, we look to add to our short position again.
Reason for the trading strategy (fundamentally) :
The major news event today is the Euro-Zone ZEW Survey (Economic Sentiment). Up to 300 expert participants are asked about their six-months expectations concerning the economy, inflation rates, interest rates, stock markets and exchange rates in the Eurozone, Germany, Japan, United States, United Kingdom, France and Italy as well as their expectations concerning the oil price. A lower confidence value would be bearish for the EUR. Confidence has dropped to negative for the first time since 2013 and we expect a lower confidence value today which is in line with our bearish EURUSD view.
The major news event for USD is the Consumer Price Index. A higher value would strengthen the USD. We’ve been seeing a steady rise in CPI since the start of the year and we expect the same which means we are expecting a bullish USD. This goes in line with our bearish EURUSD view.
EURUSD below major resistance, turn bearish
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