Today I’m looking for buying opportunities on EUR/USD after the USD strengthened from Yellen’s speech which continued to push this pair lower, almost down to the1.3500 handle.
I’m looking to long this pair around the 1.3500 to 1.3530 area with a profit target around 1.3600 and a SL at 1.3475.
Overall Bias on this trade
I remain bullish on EUR in the long term but feel that 1.3500 may provide solid support for the price action for now, mainly because the market is disappointed with the ECB just cutting interest rates, the market wants the ECB to introduce some form of QE in order to start really selling euros.
If the price falls down below the 1.3500 handle I feel it could drop further or quickly get brought back up again, one thing to keep in mind is this level held strong straight after the ECB cut rates on June 5th.Until this 1.3500 level is broken I will be remain bullish on the euro will look to to ride this move up for now.
At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
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