John J Hardy, Saxo's Head of Forex Strategy, outlines the key events going forward for forex markets, including the upcoming FOMC meeting, as well as fresh updates on the Bank of Japan, the European Central Bank and the Bank of England.
Day trade
Trade view / 10 August 2017 at 5:53 GMT

Downside rejection for EURUSD to dominate

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Instrument: EURUSD
Price target: 1.1825
Market price: 1.1733

Yesterday's bias was bearish despite highlighting the concern of the proximity of the 13-day moving average. This proved correct but the lows of the day, below 1.1700 and the average, attracted buying interest. 

This rally left EURUSD with limited net movement. But while this suggests indecision, it is the rejection of the lows and close above the 13-day line that leaves our technical studies mildly positive despite some Asian selling.

Management and risk description

A move to 1.1771 means the stop can be raised to break even.


Entry: buy in 1.1725/30 area and at 1.1706.

Stop: 1.1670 offered.

Target: 1.1771, 1.1794 or even 1.1825.

Time horizon: intraday, ending 1500 GMT.

Testing average
Testing Average
Lows rejected
Lows Rejected
Long term
Long Term
 Source: all charts CQG. Create your own charts with SaxoTrader; click here to learn more 

– Edited by Gayle Bryant

For more on forex click here

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on is found here
10 August
ldan ldan
Hi Alan,
Do we need to adjust our targets, since it has reached our 2nd buy point?
10 August
AlanCollins AlanCollins
Yes. Would reduce exposure at 1.1732 if seen. Stop then to break even.
10 August
ldan ldan
Thanks Alan
10 August
AlanCollins AlanCollins
took its time but I hope it worked for you.
10 August
AG11406 AG11406
should we leave it running?
10 August
AlanCollins AlanCollins
all my intraday signals are closed at 4pm London time. Tomorrow is another day and another trade idea
10 August
AG11406 AG11406
thank you Alan.


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail