Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.0906)
Points to consider in this Forex market:
- The euro’s recovered stalled below 1.10 once again.
- Short trade at 1.0925 has been triggered.
- Trade strategy: short euro sale @1.0925. First target is 1.0830
The EUR/USD Forex market has stalled at that range top resistance level once again as upside momentum and follow through failed to materialize as expected. This downward sloping channel has capped gains since December 2015. As expected the popular anti-risk funding currency failed to move higher despite heavy risk aversion trading in the Forex markets. Please refer to the below daily EUR/USD MT 4 chart for today’s daily technical analysis.
Technical Analysis
Let’s first look at today’s daily EUR/USD daily technical analysis. There is near term support lining up at 1.0877. This is also the January low. A daily close below this technical barrier challenges a cluster area that ranges from the channel floor to the January 5 low. This area is from 1.0695 to 1.0710. The alternative EUR/USD technical analysis, should the euro recover, notes technical resistance at 1.0975. A break above this level challenges the next upside barrier at 1.1115.
Trade Strategy
Let’s talk EUR/USD trade strategy for today. Finally, from a technical perspective along with my fundamental outlook for the euro, a short euro trade opportunity opened up. I placed a short euro sale at 1.0925. The first target for this short sale is at 1.0830. I will place my initial stop loss to go active if the euro passes through 1.0975 on a daily close. Once I achieve the first target, I will book half my profits and move the stop loss to break even. I will also leave the short sale open to capture further euro weakness.
