Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.0924)
Some points to consider in this Forex market:
- The EUR/USD has resumed its fall lower after a hawkish FOMC announcement.
- Short euro sale has hit its first target. Stop loss now at break even.
- Trade strategy: Short euro @1.1058
The EUR/USD has accelerated its fall lower after consolidating. After the Fed held rates steady but held the door open for a December rate hike, the euro sank lower. Note the below EUR/USD daily MT 4 chart. There is a bearish dark cloud cover candlestick suggesting euro weakness, then the break of a rising trend line set from mid-March.
Technical Analysis
Let’s now discuss today’s EUR/USD technical analysis. There is near term technical support lining up at 1.0905. A daily close below this level challenges the next technical support at 1.0848. The alternative EUR/USD technical analysis, should the euro rise, thus supporting this Forex market, notes technical resistance lining up at 1.0978. This is a former support level. A break above this technical resistance challenges the resistance located at 1.1022.
Trade Strategy
Let’s get into today’s EUR/USD daily trade strategy. I have a short euro sale at 1.1058. The trade is moving along nicely as my initial target below 1.10 has been achieved. I will now move the stop loss to break even. This will enable me to leave this short euro trade open to capture further EUR weakness. My trade strategy, for today, remains short in the EUR/USD Forex market.
