Dollar Support Sends Euro Lower

Dollar Support Sends Euro Lower

By: Ben Myers | YesOption | On:24-09-2014 02:08
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EUR/USD chart

EUR/USD

The currency pair closed marginally in the red, as the investors seemed to book profits from the recent rally in the U.S. dollar, the currency pair traded in a range of 1.2840 and 1.2903 and consolidated with a loss of 0.02% at 1.2847. The currency pair closed with modest loss despite soft data from the Eurozone, the greenback has been on a very strong upward momentum against most of the major currencies and strongest against the single currency, it seems the currency pair is in the midst of consolidation around 1.29 levels.

The U.S. dollar remains supported by the more accommodating monetary policy by the U.S. Fed where the European and Japanese monetary policies are not helping their respective currencies. The investors were seen exiting the currency pair after the slight rally in the U.S. dollar.

The news from the Eurozone came in disappointing, according to report by the research group Markit, the composite output index slipped to nine month low of 52.3 this month, down from 52.5 in the month of August, the Bloc’s services PMI also slipped to three month low of 52.8 this month, and down from previous month’s reading of 53.1.

The currency pair looks neutral at present on the daily charts with a possibility of drifting on either direction, the stochastic oscillator on the daily charts suggest the currency pair is oversold and picking up healthy buying momentum, the relative strength index too has curved upwards from the 30 mark and giving positive buy signals, in my opinion the currency pair has bottomed out and may see a positive upside from the current level.

Actionable Insight

Go long on the currency pair with a target of 1.2915 and a stop loss of 1.2850

Traders can short the currency pair with a target of 1.2820 and a stop loss of 1.2900

Ben Myers

Ben Myers

Success = few pips, thousand times

Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

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