Short term
/
Buy
Trade view / 13 October 2017 at 1:14 GMT

Watch for opportunity as EURUSD approaches key trading crossroads

Managing Director / Technical Research Limited
New Zealand
Instrument: EURUSD
Price target: 1.1842
Market price: 1.1916
Background

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.

Meanwhile trial balloons are being floated, hinting at what the ECB’s plans for quantitative easing reduction are. None of them are from official sources though and EURUSD is not reacting.

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).

Parameters

Entry: Today, buying EUR/USD about 1.1807 (a move directly above 1.1880 first, however, would cancel this).

Stop: Below 1.1730, initially.

Target: 50% at 1.1916, with the balance to run.

Time horizon: Allow several days at least.

Daily EURUSD chart (click to expand)EURUSD  Daily Chart


















Source: ThomsonReuters 

Weekly EURUSD chart (click to expand)
EURUSD weekly chart Source: ThomsonReuters. Create your own charts with SaxoTrader; click here to learn more.  

For more on forex, click here.


— Edited by Robert Ryan

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13 October
Treve Treve
Max would a low around 1.1800 suggest a b-wave in the run-up from 1.1670 low ?
13 October
Max McKegg Max McKegg
Correct. a deeper test of the mid 1.1700's would sway the odds in favour of a Wave II/ correction and imply much great Upside potential on the next leg Up
13 October
Patto Patto
Do you have a web site or blog we can visit to see what this forecasting service or yours is all about Max ? I see you mentioning it every now and then but just asking people to email you. But that seems an old fashioned way of doing things..........
13 October
Max McKegg Max McKegg
All my contact details under Bio Patto, I have no need to advertise/market these days as satisfied customers word
of mouth is more then enough.
13 October
benlouro benlouro
"old fashioned way"....that s the good way...no quimicals...no advertising ....no frauds....no mistakes....just pure knowledge. Max is the real deal regarding FX advising
3d
IL IL
is this trade still actual?
3d
Sotha Sotha
Are we seeing a (confirmed) H&S atop a bigger H&S? Will Catalonia & Fed nomination help the USD (and confirm the bigger H&S) until ECB meeting on 26 (which I expect to be quite hawkish)? If H&S confirmed will we see Fib38.2% @ 1.1423 touched in such a short period of time? Thanks
3d
Max McKegg Max McKegg
Looking for imminent Bottom, else something else will be going on.

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