Sell on a level breakthrough of 1.0460 with 1.0400 target. Stop loss = 1.0510.
Reason for the trading strategy
Today at 13.15 GMT, the figures for the US industrial production will be published. The 0.3% (m/m) growth in this index expected in February may support the world's reserve currency. In the framework of the downtrend, opening short positions in the euro should be considered at a level breakthrough of the 1.046 support level.
October 27, 2016 Daily Technical Outlook for October 27, 2016
The Euro bounced during yesterday after reaching a major support located at 1.0850 in the weekly chart. However, the current recovery can be short-lived as long as prices continue to trade below 1.1040peak, which represents the post-ECB high...
October 27, 2016 Brexit Barometer
The Brexit vote back in June taught markets never to take anything for granted and the same holds true for the upcoming US Presidential election. A poll lead for Trump in Florida yesterday, combined with some further revelations in the daily mud-slinging...
October 26, 2016 Sterling reversal
What we saw in sterling yesterday was instructive of the dilemma that may face other central bankers before long. Carney played down expectations of a further easing in policy before the end of the year, as was strongly suggested in August when they eased policy in the wake of the Brexit referendum...
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