Forex Marketz Daily Forex News – Fully Markets Update
Points to consider with this euro Forex market:
- The euro is back to trading in its familiar trading range around 1.10/1.11.
- Technical models remain bearish, for now.
- Trade strategy: Short EUR sale at 1.1208 triggered
The EUR/USD Forex market has fallen back to the bottom of its trading range near 1.10/1.11. The last rebound fizzled just above 1.12. Right now price action, and position, seems to indicate the uptrend from the late July sing low is still in play. This argues that this Forex market is bearish right now. Please refer to the below daily MT 4 chart for today’s daily technical analysis.
Euro Technical Analysis
Let’s discuss today’s euro daily technical analysis. There is near term support at the end of a support zone. This layer runs from 1.1098, August 31 low, to 1.1122. A daily close below this first downside barrier challenges the next downside barrier that lines up at 1.1013.
The alternative euro technical analysis, notes the first upside barrier lining up at 1.12. A break above this first technical resistance level challenges the next upside barrier lining up at 1.1262.
Trade Strategy
Let’s talk about today’s EUR/USD trade strategy. A short EUR sale has been initiated at 1.1208. Progress with this trade is slow but the initial target remains at 1.1098. The stop loss is set to go off with a daily close back above 1.1262. One the first target has been achieved, I will book half the profits and trail the stop loss to breakeven. I will leave the remainder of the trade open to capture further weakness in this Forex market.
