Partner with US
login
Open Free Account

Resources

Trade idea on EUR/USD

/
Barry Dumas
EUR-USD-CURRENCY-PAIR

Update - Trade possibilities on EUR/USD (17/05/2018)

We have closed our trade on the EUR/USD for a 112-pip profit. Due to some indecision currently in the market the price might retrace higher from here as seen last week.

Screen Shot 2018-05-17 at 11.46.23

 

Trade possibilities on EUR/USD

Looking at the U.S. Non-Farm Payrolls numbers due to be released today and if we get a better than expected number we might see the Dollar Index (DXY) strengthen. This will mean that there might be a possibility of the EUR/USD weakening from current levels.

Note: if the jobs numbers do not beat expectations then we might see the Dollar Index (DXY) start to weaken from current levels.

Looking at the Dollar Index (DXY)

Points on the chart:

  1. We need a clear break from 92.83 to target 94.12.
  2. The Dollar Index (DXY) will weaken and regain strength moving higher, probably off the back off rising interest rates.
  3. The Dollar Index (DXY) moves back to the April breakout level 90.97.

 

Screen Shot 2018-05-04 at 14.15.45

Looking at the EUR/USD

If the Dollar Index (DXY) starts to strengthen then we might expect the EUR/USD to break the support level of 1.1935 and start to move lower.

Possible Trade:

  • Entry: a break below 1.1935
  • Stop: 1.2091
  • Target price: 1.1716

Screen Shot 2018-05-04 at 14.27.00

 

READ NFP NOTE HERE

 

gt247 Partnership Affiliate Program

Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.

SEARCH ALL RESEARCH