EUR/USD - SELL THE RALLY INTO SUPPLY
Updated
Fundas- In recent weeks the ECB has done little to back up its relatively more hawkish tone displayed earlier this year. This coupled with the Turkey situation and risk of contagion has seen EURO sellers take charge, while the USD has broken higher on haven bids and solid economic numbers. The next statement from the ECB is expected on September 13 and as such I expect trend to continue into that meeting.
Techs -I am short biased on this pair but waiting for a reasonable pullback. We broke the key 1.1500 support level and no doubt there will be some profit taking before heading back down and continuing trend. My target area to start in short is anywhere between 1.1475 and 1.1500 with initial stop loss at 1.1575. Then look for covers around 1.1300 scaling into my winner along the way.
Happy trading
Techs -I am short biased on this pair but waiting for a reasonable pullback. We broke the key 1.1500 support level and no doubt there will be some profit taking before heading back down and continuing trend. My target area to start in short is anywhere between 1.1475 and 1.1500 with initial stop loss at 1.1575. Then look for covers around 1.1300 scaling into my winner along the way.
Happy trading
Trade closed: stop reached
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