Trading news

Key Levels and Trading Plan for EUR/USD

The key bull/bear line in the sand for EUR/USD has been broken to the downside, once again marking a major shift in the trend outlook for the currency pair.Key Levels and Trading Plan for EUR/USD



The level we’re referring to is a zone between 1.1025 and 1.1072, which is a former resistance from March.



We saw the market go over this level in April and consolidate above it in May, but now it looks as if enough shorts have been stopped out for this pair to continue back down for a test of the 1.05 zone.



Remember that with the final deadline for Greece’s agreement with creditors seemingly close by, we could see a buy-the-news and sell-the-fact dynamic play out, where during the whole negotiation process, we saw EUR/USD climb, while at the final stage we see it collapse once again, and possibly continue lower.

Trading Plan



Currently our outlook focuses on the short term, with targets in the 1.0850 – 1.0950 range already being hit on a break of the bull/bear line we mentioned earlier in the 1.10s.



Currently we see shorts toward 1.0920 with a target of 1.08 and a tight stop as a good setup. Actually, shorts at any of our marked levels above and up to the bull/bear line at 1.1025 – 1.1072 are good short setups.



Friday, 29 May, 2015 / 12:57

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source : https://www.hiwayfx.com/market-news/key-levels-and-trading-plan-eurusd

Trading news

 

2020 Olympics & The Japanese Economy

With the 2020 Olympics kicking off after a year-long delay, just how much of a [...]

Posted on Friday, 23 Jul, 2021 / 1:30 under

Fed, Inflation, And The Housing Bubble

Yesterday, the US’ second-largest homebuilder, D.R. Horton, announced [...]

Posted on Friday, 23 Jul, 2021 / 1:28 under

Stormy week ends with US stocks at record highs

  Nasdaq 100 closes at new record as investors warm up to tech [...]

Posted on Friday, 23 Jul, 2021 / 9:25 under