US
market was slightly lower overnight despite a better than expected Retail Sales
data coming out of the USA.
Bank
of Israel cut its rates by 25bps to 1.5%, joining the party of central banker
cutting rates.
Nevertheless,
Asia market open better this am. Today we have important data coming out of
Europe and all eyes will be on it to determine the way Euro will trade. I still
maintain a slightly bearish view on the Euro. However technically it seems a
bit tricky.
EURO Technical Read
Using
Moving Average of 50/100/200 days (see below), it seems that the Euro is trading within the range of its 100 day MVA (upper boundary) and 200 day MVA (lower boundary).
It
seems to be finding a good support at the 200 day MVA as its tested and
failed to successfully break it.
Today data will be important, if we get a positive data, we will
see it trading up to test the 100 day MVA but if the data fail to impress we
might see it testing and breaking the 200 day MVA.
From Bloomberg Terminal Screenshot
Using Fibonacci Retracement,
From Bloomberg Terminal Screenshot
We
can see that the first key resistance level is at 1.3078 while the next key
support is at 1.2882.
As
of now, Euro seems to be going higher and with my fundamental view of a bearish
Euro, I will wait for the Euro to trend a bit higher and looks to short it.
For
the faint heart, stop loss can be placed at 1.309 but I'm a bit more gungho, I
will place it at 1.316.
May
the odd be with you ~~
Interesting
Read of the Day
This
article teach you to RESPECT USD: http://www.cnbc.com/id/100733263
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