Day trade
/
Sell
Trade view / 09 February 2018 at 8:04 GMT

Signals are weak but rallies to find sellers in EURUSD

Analyst / PIA First
United Kingdom
Instrument: EURUSD
Price target: 1.2210
Market price: 1.2284
Background

Bundesbank head Jens Weidmann stated that substantial asset purchases beyond September do not seem to be required, maintaining expectations of a small taper period into year-end. The euro remained under pressure ahead of the US open Thursday and EURUSD declined to fresh two-week lows below 1.2220 on long liquidation.

Technical

  • Closed the day little net changed. 
  • The 161.8% Fibonacci extension is located at 1.2210 from 1.2538 to 1.2335. 
  • The medium-term bias remains bearish.
  • Immediate signals are hard to interpret. 
  • As this corrective sequence continues we look to set shorts on a rally at better risk/reward levels. 
  • Bespoke resistance is located at 1.2322. 
  • Intraday signals far from strong.

EURUSD (four-hour):
EURUSD 4
Source: Saxo Bank

Parameters

Entry: we look to sell at 1.2322.

Stop: 1.2352.

Targets: 1.2210 and 1.2124.

Time horizon: intraday.

— Edited by Michael McKenna

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
09 February
alki alki
Good morning. Thanks for sharing. I like this trade idea; however, i got my fingers burned last 3 times with this pair! If i were gambling, this 4th time should be a winner :-)
09 February
John22 John22
Mr. Ian I would like to thank you for the great trade advice. How can I contact you? Email or whatever is best for you. thanks in advance .Have nice weekend.
09 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Hi John. You are more than welcome. My email is ian.coleman@pia-first.com
09 February
John22 John22
thanks very much

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