Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.1198)
Some points to consider in this Forex market.
- Euro moves lower after dark cloud cover
- Passing on short euro trade at this time.
- Trade Strategy: Stand aside
The EUR/USD Forex market has moved lower after the formation of dark cloud cover candlestick. This Forex market has now seen the largest decline in two days over the past month. Please refer to the below EUR/USD daily MT 4 chart for today’s daily technical analysis.
Technical Analysis
First up is the daily technical analysis for the EUR/USD Forex market. The next technical support level is lining up at 1.1147. A daily close below this technical level challenges the next technical support level coming in at 1.1071. The alternative EUR/USD technical analysis, should the euro recover, thus supporting this Forex market, notes technical resistance lining up at 1.1219/20. A break above this technical resistance level notes technical resistance level at 1.1310.
Trade Strategy
Now let’s look at today’s EUR/USD daily trade strategy. There is no trade setup at this time and here is why. I am looking at the trading range for now which is around 75 pips. This is very narrow and way below the 20 day average trading range of 120 pips. Price action is stuck between a technical support and resistance level and any trade opportunity, from a risk to reward analysis is premature. Keeping this in mind, I will opt to stand aside and monitor my charts for a more actionable trade opportunity to come along. For today, I am flat in the EUR/USD Forex market.
