Euro Breaks Supports on Fed’s Outlook
Hourly chart for EUR/USD
EUR/USD on the hourly charts had a very tepid trading session after the massive selling it witnessed yesterday post the Fed’s announcement. The euro broke below all important support zones as the Federal Reserve remained on track with regards to the winding down of its bond buying programme. Traders are closely watching the developments in Scotland which voting on a referendum of whether they would prefer independence from the United Kingdom.
A recent released report from the European central bank shows that the latest funding scheme called the targeted long term refinancing operations, or LTRO, is failing miserably as European banks - which were expected to raise cheap credit to fund investment activities - are not doing so at the expected rate. This is indicative of the sluggish and stagnant pace of growth in the Eurozone which is a huge cause of concern for the central bank and seen as a huge negative for the euro.
On the hourly charts for the EUR/USD, the currency pair came under huge selling pressure in yesterday’s trading session but has seen some support buying at lower levels in today’s’ morning session. The resistance for the EUR/USD comes at around $1.29060 whereas on the downside the support comes at around the upward sloping trend line near the $1.28674. The momentum indicator for the currency pair is showing first signs of a reversal on the hourly charts which is indicative of a shift of momentum towards the buy side. The relative strength index for EUR/USD is showing first signs of a reversal on the hourly charts.
Long EUR/USD with a short term target at $1.29100 with a strict stop loss at $1.28674
Short EUR/USD if it falls below $1.28674 with a near term target at $1.28300.
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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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