What’s in Store for the Euro this Week?

Thanks mostly to a less than impressive U.S, jobs report, the EUR/USD managed to avoid falling off the cliff at 1.1700. It bounced as the USD sank, however, I suspect that we are going to another test of the key support at 1.1700 very shortly.

We have a clear change in momentum in the EUR/USD. For months the bulls have well and truly been in control, however, the tide has started to turn in line with the Fed suggesting that rate hikes will be happening sooner rather than later.

As such I will be getting set to sell the Euro. The two key levels of interest are on the current pullback, or if we can break and hold below 1.1700 support. There is a long-term sell signal out with a profit target at 1.1559 and that looks a compelling trade at the moment.

EUR/USD – 240 min Chart.

ABOUT THE AUTHOR See More

Rowan Crosby

Asia-Pacific Analyst

Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.

Related Articles

The USD/CHF Looks Like it’s Getting Ready to Break Out

7 yrs ago

Save

Here's the Trading Plan for the Euro Today

I’m very bearish on the Euro and ever since the Fed has started looking at rate hikes happening sooner rather than later, I have felt tha

8 yrs ago

Save

French Election, Macron, and the Powerful Euro

8 yrs ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments