Forex Marketz Daily Forex News – Fully Markets Update
Points to consider in this Forex market:
- Euro has been struggling at the channel top even though money has been flying in thanks to risk aversion on
- Short sale trade now active above the 1.09 pivot.
- Trade strategy: Short euro @1.0920
The EUR/USD Forex market has been struggling to break above the channel top resistance. The euro has tried this many times to build upside momentum and failed. This is an odd occurrence, as we have seen risk aversion trading as traders unload euro funded carry trades.
Technical Analysis
Let’s talk about today’s daily EUR/USD technical analysis. There is a horizontal pivot as our first technical support barrier. This level is at 1.0820. A daily close below this barrier challenges a cluster zone starting at the January 5 low. This area runs from 1.0685 to 1.0710. The alternative EUR/USD technical analysis, should the euro rise notes technical resistance lining up at the channel top. This technical resistance level is at 1.0912. A break above this technical level challenges the December 15, 2015 high price point. This technical resistance level is lining up at 1.1060.
Trade Strategy
Let’s look at today’s EUR/USD trade strategy. I have entered my desired short euro sale in line with my bearish outlook for the bloc currency. Its many attempts to find momentum and move higher was very telling. Even with the plethora of risk-off trading, the euro remained capped. I have a short euro sale at 1.0920. My first target is at the first support level at 1.0820. For now I am putting my stop loss to activate on a move above 1.0939. I will book profits at the first target then move the stop loss to break even. For today, I have a short euro sale in the EUR/USD Forex market as the euro cannot find upwards momentum.
