Tradelog
- Channel support is now at 1.0564 would capitalize on a Marc Chandler's idea (Further below on this page). We penciled in a limit buy order with an 12 pip profit [Updated 01/19 13:07 CET];
- Almost all the banks expect no major changes or announcements from the ECB and no fresh initiatives while the focus will shift on the Draghi’s press conference and Q&A session (for more detail click here) [Updated 01/19 12:26 CET];
- Legitimating the supply-demand distribution from our dedicated contributors (see above chart or click here for details) 1.0650 is likely is the likely draw today: DTCC highlights 3.2bln 1.0650 options expiry NY cut. O/n Options 16.0 or 71 pips break even. 1bln 1.0625-35 expiries today (Reuters) [Updated 01/19 12:01 CET];
- In case market participants have to readjust their expectations of a hawkish Draghi, triggering further gains in the EUR/USD, these would meet a selling opportunity around and above 1.0744 which is todays R2 (see more Pivot Points) and was also ytd's R2. The proximity of round figure 1.0750 makes it a good place for a short scalper to get positioned [Updated 01/19 11:11 CET];
- There are surely arguments in favor of a weaker EURUSD post ECB meeting: "...it is likely that President Draghi will maintain a cautious tone stressing that there has been little evidence of pick up in core inflation pressures yet." Lee Hardman, Currency Analyst at MUFG [Updated 01/19 10:33 CET];
- Our current exposure in the EUR/USD is almost 100% hedged ahead of the ECB event, but mid-term (2-3 months) we favor the dollar-bullish developments as outlined in the Sentiment Aggregator [Updated 01/19 10:22 CET];
- "The European Central Bank announced an extension of its facility program last December, until December 2017, adding also that it would reduce the pace of bond buying starting April from €80 billion to €60 billion.
In general, market believes the ECB is at the beginning of the end of its massive bond-purchase program, even despite Draghi said last December, “ . . . as a matter of fact, it’s not even been on the table.” Investors, however, refuse to believe his words, moreover after the minutes showed dissention among policy makers.
With all of the above, the Central Bank will likely leave its monetary policy unchanged, while Draghi is expected to offer a hawkish, confident speech. Given that the market is happily unwinding its dollar's longs, the common currency will likely extend its weekly advance following the statement and press conference." - Valeria Bednarik [Updated 01/19 09:36 CET]; - We entered short at 1.0692 with a market order and a buy limit at 1.0614 [Updated 01/18 18:36 CET];
Positions:
DATE |
PAIR |
ORDER |
ENTRY |
STOP |
PROFIT |
STATUS |
01/19/2017 |
EUR/USD |
BUY LMT |
1.0614 |
-- |
1.0629 |
pending |
01/19/2017 |
EUR/USD |
BUY LMT |
1.0564 |
-- |
1.0576 |
pending |
01/19/2017 |
EUR/USD |
SELL LMT |
1.0744 |
-- |
1.0494 |
pending |
01/16/2017 |
EUR/USD |
SELL MKT |
1.0587 |
-- |
1.0487 |
open |
01/16/2017 |
EUR/USD |
SELL MKT |
1.0582 |
-- |
-- |
open |
01/12/2017 |
EUR/USD |
SELL MKT |
1.0641 |
-- |
closed |
|
01/12/2017 |
EUR/USD |
SELL MKT |
1.0654 |
-- |
1.0644 |
closed |
01/10/2017 |
EUR/USD |
BUY MKT |
1.0598 |
-- |
1.0603 |
closed |
01/10/2017 |
EUR/USD |
BUY MKT |
1.0648 |
-- |
-- |
open |
01/05/2017 |
EUR/USD |
BUY STP |
1.0580 |
-- |
1.0609 |
closed |
01/05/2017 |
EUR/USD |
BUY MKT |
1.0523 |
-- |
1.0645 |
closed |
01/05/2017 |
EUR/USD |
SELL MKT |
1.0500 |
-- |
-- |
open |
01/04/2017 |
EUR/USD |
SELL MKT |
1.0446 |
-- |
-- |
open |
12/13/2016 |
EUR/USD |
SELL LMT |
1.0929 |
-- |
-- |
pending |
12/13/2016 |
EUR/USD |
SELL LMT |
1.1339 |
-- |
-- |
pending |
12/08/2016 |
EUR/USD |
SELL LMT |
1.0827 |
-- |
-- |
open |
For more details on trade statistics and current exposure, please click here.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
USD/JPY holds positive ground around 151.50 following Japanese CPI data
The USD/JPY pair holds positive ground for the second consecutive day near 151.45 on Friday during the early Asian trading hours. The cautious approach from the Bank of Japan to keep monetary conditions accommodative exerts some selling pressure on the Japanese Yen.
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Bitcoin price extends retreat from $69K as old whales shift their holdings to new whales
Bitcoin price continues to move further away from the $69,000 threshold, gaining ground as BTC bulls hope for a retest of the $73,777 peak. This is because of the general assumption that clearing this blockade would set the tone for a reach higher, marking a new all-time high.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.