Euro Lower on Draghi Comments

Euro Lower on Draghi Comments

By: Ben Myers | YesOption | On:23-09-2014 03:17
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eurusd 22-09.png

Daily chart for EUR/USD

The Euro lost most of its gains yesterday’s trading session on the back of comments from the European Central Bank chief Mario Draghi who indicated that the Eurozone recovery was losing steam. In remarks to the European parliament the ECB chief reiterated that the ECB would take all necessary actions to kick start a flagging European economy. The euro found some support post the US existing sales data which showed that the housing sector, in the US wasn’t completely out of the woods.

The data led to some profit taking from the dollar index which has been in a momentous uptrend over the last many weeks. Traders in Asia were bolstered by the Chinese PMI data which led the Euro higher against the dollar. Traders and investors would be looking forward to certain economic reports coming out of the US and Europe in the latter half of the day to understand the future course of direction for the Euro.

On the daily charts for the EUR/USD, the currency pair continues to remain under pressure. The resistance for the EUR/USD comes at around $1.28927 and many traders believe only a close above the aforementioned level would signal first signs of a reversal for the currency pair. The EUR/USD continues to remain below all of its important daily moving averages which indicative of the strong downtrend. The momentum indicator for EUR/USD continues to remain in bearish territory showing no signs of a reversal at the current moment which is a cause of concern for the Euro bulls. The relative strength index for the currency pair is in bearish territory and shows no signs of inherent strength.

Actionable Insight:

Short EUR/USD at current levels with a stop loss at $1.28927 with an intermediate target at $1.28400

Long EUR/USD only if it closes above $1.28927 with an intermediate target at $1.3133

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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