Weekly trades: EUR/USD, EUR/CAD, USD/PLN, EUR/PLN
|EUR/USD is not only overbought but crucial break points are located at 1.1181, 1.1212 and 1.1277. Most vital break at 1.1277 would see volatility increase exponentially as a new range would materialize from 1.1277 to 1.2204 or 927 pips as opposed to current 1.1277 to 1.0300 lows or 977 pips. Both ranges are equally spaced at 977 and 927 pips.
New interest for EUR/USD longs are located above 1.1277.
This week is EUR correction time and this includes EUR/PLN.
Overall currency market prices are in the 3rd week of dead to perfect neutral positions and this includes all 28 currency pairs. This means no dramatic moves are expected as rallies will be sold and drops will be bought and the week will end with zero progress to trend positions. The explanation to neutral positions is ranges remain in serious contraction mode.
Both EUR/PLN and USD/PLN prices are located below vital break point lines at 4.4574 and 4.0679. A misposition exists in either USD/PLN or EUR/PLN. This mis position situation exists to all USD Vs EUR emerging market currencies.
This week again is multiple trades per currency pair to maximize profit pips.
Trades – EUR/USD
Short 1.1109 and 1.1131 to target 1.0980.
Short below 1.0959 to target 1.0895.
Long 1.0895 to target 1.0938.
long 1.0969 to target 1.1002.
Overall, 259 total pips available to trade. Retain this number for trade results at week's end.
EUR/CAD
Short 1.5358 and 1.5379 to target 1.5137.
Short 1.5117 to target 1.5029.
Long 1.5029 to target 1.5109.
Long 1.5128 to target 1.5197.
GBP/NZD
Target last week at 2.0222 now 2.0124.
USD/PLN
Long 3.9981 and 3.9894 to target 4.0592.
Long 4.0679 to target 4.1028.
Short 4.1028 to target 4.0766.
Short 4.0669 to target 4.0592.
EUR/PLN
Long 4.4267 and 4.4114 to target 4.4498.
Long 4.4574 to target 4.4957.
Short 4.4957 to target 4.4766.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.