EURUSD reacting higher after Friday drop

November 9, 2015

EURUSD, 240 min

After the huge surprise in the US Non-Farm Payrolls numbers on Friday the market participants saw the December rate hike in the US as a done deal. This dropped EURUSD to a 1.0666 – 1.0752 support range and drove the US Dollar Index into a resistance (see Friday’s TCM report). As a result EURUSD has recovered slightly and is at the time of writing up by 0.27% from Friday’s close.

All in all the pair is still in a downward sloping channel with resistance ahead at 1.0833. The upper end of the channel isn’t far away from the resistance while the 38.2% Fibonacci retracement level coincides with the general area of this resistance. In addition the 30 period SMA happens to be relatively near to the resistance at 1.0872. Based on several technical factors coinciding between 1.0833 and 1.0872 I am looking for short trade signals in this bracket should the price rally to these levels. My target for a short trade is at 1.0755.

Publication source
HotForex information  HotForex reviews

October 26, 2016
Revealed a larger than expected consumer confidence drop to 98.6
Asian stock markets are mostly down, with Japan a notable outperforming (closing up and indices holding on to modest gains as the Yen continued to decline against the Dollar...
October 26, 2016
AUD gains on better than expected CPI numbers
The Australian Bureau of Statistics released the consumer price index data for the third quarter. Official records showed that CPI advanced 1.3% on the year in the third quarter of 2016...
October 25, 2016
US flash Markit PMI jumped 1.7 points to 53.2 in October
Asian stock markets are mostly down, as the positive confidence indicators out of Europe and the U.S. yesterday were overshadowed by weak GDP numbers from South Korea, which weighed on most markets. Topix and Nikkei outperformed, with a weaker Yen underpinning exporters...

OctaFX Rating
FIBO Group Rating
Grand Capital Rating
XM Rating
Orbex Rating
FXTM Rating

EZTrader Rating
IQ Option Rating
365BinaryOption Rating
TropicalTrade Rating
OptionFair Rating
OptionRally Rating