Eur/Usd potential long play
Updated
Fundas: With geopolitical fears over the US government's stance on trade with NAFTA and China, fear remains in the market and the dollar which usually would act as a safe haven is at the centre of it all. There could be some selling in store. Euro bulls seem to be waiting for any reason to hit the buy button as Draghi and co draw out the QE reduction program. This in combination with a less than impressive job (and wage) number on Friday should see more organic flow into the euro as investors follow the money.
Techs - Euro is maintaining the 1.2200 supply with orders seemingly stacked there. We see a clear range on the daily with upside bias. For this long we are looking for buys on any retest of the 2250 to 2200 area with stops below the 2150 mark and upside potential to the 2375 -2410 area, while adding to winning positions on the way up.
As always, make a plan and trade your plan, do not blindly follow anyone.
Techs - Euro is maintaining the 1.2200 supply with orders seemingly stacked there. We see a clear range on the daily with upside bias. For this long we are looking for buys on any retest of the 2250 to 2200 area with stops below the 2150 mark and upside potential to the 2375 -2410 area, while adding to winning positions on the way up.
As always, make a plan and trade your plan, do not blindly follow anyone.
Note
After an early defense of our highlighted supply zone, entered long and canceled existing orders.
Trade closed: target reached
Closed 3/4 of trade going into FOMC at 1.2380 and the rest after at 1.2360
Trade closed: target reached
Second portion closed at abovementioned stop
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