Originally updated: 06:12am
Currency Pair: EUR/USD
Sentiment: Bearish
Market focus:
In today’s trade set up we will be focussing on short term selling opportunities on the EUR/USD.
Fundamentals:
Our focus today turns to the EUR/USD after ECB President Mario Draghi said on Friday that the ECB ‘will do what they must’ in order to get the troubled eurozone growing again.
Conversely, in the US, the Fed having a more hawkish outlook over the US economy is on track to raise rates as early as next year giving us a good trading opportunity on the EUR/USD.
Technicals:
We have a nice confluence zone at 1.2415-1.2425. This should offer short term resistance for any pullback.
Stop loss could be placed at 1.2465
Take profit target: Open
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.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0750 to start the week
EUR/USD trades in positive territory above 1.0750 in the European session on Monday. The US Dollar struggles to find demand following Friday's disappointing labor market data and helps the pair hold its ground.
GBP/USD edges higher toward 1.2600
Following Friday's volatile action, GBP/USD pushes higher toward 1.2600 on Monday. Soft April jobs report from the US and the modest improvement seen in risk mood make it difficult for the US Dollar to gather strength.
Gold rebounds above $2,310 after downbeat NFP data, eyes on Fedspeak
Gold price trades in positive territory above $2,310 after closing the previous week in the red. The weaker-than-expected US employment data have boosted the odds of a September Fed rate cut, hurting the USD and helping XAU/USD find support.
Addressing the crypto investor dilemma: To invest or not? Premium
Bitcoin price trades around $63,000 with no directional bias. The consolidation has pushed crypto investors into a state of uncertainty. Investors can expect a bullish directional bias above $70,000 and a bearish one below $50,000.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.