Watch for opportunity as EURUSD approaches key trading crossroads
The main event for USD crosses today is economic data, specifically CPI inflation and retail sales out of the US. The headline number for both of these could surprise on the upside, given that both were impacted by recent hurricanes. However to give the dollar a boost, the core numbers would have to beat expectations.
Management and risk description
Today, the euro will probably find support around the 1.1800 level, or the mid 1.1700s at a maximum, to yield another rally onto the low to mid 1.1900s.
At that point, from both Elliott Wave and classical charting perspectives, EURUSD will lie at an important trading crossroads (and at the point where big money will next be made).
Entry: Today, buying EUR/USD about 1.1807 (a move directly above 1.1880 first, however, would cancel this).
Daily EURUSD chart (click to expand)
Source: ThomsonReuters. Create your own charts with SaxoTrader; click here to learn more.
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— Edited by Robert Ryan
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