EURUSD – While 1.850 Caps Expect A 1.02 Test Next
EURUSD drifted in slim ranges overnight in thin trade with US Veterans Day holiday which closing at 1.0743, rebounding from the low of 1.0673 recorded earlier in the week. The euro zone’s economy is growing only modestly after the ECB’s scheme of quantitative easing (QE) and the central bank is urgently considering what more it can do to improve the economy. Traders will closely eye ECB President Draghi’s speech and Q&A session today on ECB policy.
While 1.0830/50 caps intraday upside corrections, bears target a test of 1.0560 next ahead of an assault on year to date lows. Only a close above 1.09 eases immediate downside pressure.
- I am looking to sell intraday reversal patterns at the 1.0830/50 area for an initial target of 1.05/1.0550 ahead of an ultimate objective at 1.02. Only a close above 1.10 will concern my near to medium term bearish view.
- Trading Update – Moving stops to entry 1.08
- Trading Update – Moving Stops to 1.0680