EUR/USD Forming Higher Lows Ahead of Feds Outcome

EUR/USD Forming Higher Lows Ahead of Feds Outcome

By: Ben Myers | Where To Trade | On:17-09-2014 09:46
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EUR/USD Forming Higher Lows Ahead of Feds Outcome

 

EUR/USD saw some buying emerge in yesterday’s trading session on the back of the dollar witnessing some profit taking amid placid economic reports. Though, the gains were mostly capped as traders and investors shifted focus towards the Federal Reserve meeting with the Fed expected to release the FOMC minutes in the latter half of the day followed by Janet Yellens’ press conference.

The Fed is largely expected to draw curtains on the bond buying programme by October and give an indication about the trajectory about the direction of the short term interest rates. The Euro saw some uptick in the early morning session post reports that the Chinese Central bank would be introducing monetary measures to kick start a stagnating Chinese economy.  Though the Eurozone consumer price inflation data was revised up unexpectedly, traders chose to focus on the Federal Reserve meeting in the latter half of the day.

EUR/USD on the hourly charts continues to trade in a very narrow trading range finding resistance at higher levels of 200 day moving average (1.29652) and finding support at the 100 day ($1.29458) moving average. The only positive from the current price action is the fact that the currency pair has been forming higher lows indicative of the strong buying support at lower levels. Traders and investors believe that the till the EUR/USD doesn’t move above or below the above resistance and support zones, prices might tend to remain in a very narrow range on the hourly charts. The momentum indicator and the relative strength index have both given a fresh sell signal which is a cause of concern for traders and investors in the near term.

Actionable insight:

Short EUR/USD at current levels with a short term target at $1.2921 with a strict stop loss above $1.29652.

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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