The Euro pushed higher against the dollar

The Euro pushed higher against the dollar

By: Ben Myers | YesOption | On:15-09-2014 04:45
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Daily chart for EUR/USD

The Euro pushed higher against the dollar in Friday’s trading session but remained within striking distance of the 14 month low on the back of speculation that the Federal Reserve will hike interest rates in the near future which is being seen as a huge negative for the eurozone currency. Add to this, the fact that the European Central Bank would continue keeping its interest rates low along with the continuation of the bond buying program are being seen as a huge negative for the euro in the near term.

Traders and investors would be closely watching the release of the Fed minutes post the FOMC meet to understand the future policy action of the Federal Reserve as many believe that the Fed would continue winding down its bond buying programme. Along with the Fed minutes to be released on Wednesday, the ZEW German business sentiment index would also be closely tracked to understand the investment cycle currently underway in Europe’s’ largest economy. Trades in the Asian session remained flat but had a negative bias post the poor economic reports coming out of China with regards to its industrial production numbers showing growth at its slowest pace since 2008.

On the daily charts for the EUR/USD, the currency pair has been in a very strong downtrend and the formation of a death cross shows that bears are in total control at the current moment. The currency pair is expected to take support near the $1.29 levels but a breach below these levels would see further panic selling and can take the pair to levels of $1.25 in the near term. On the upside the first area of resistance comes at around $1.31 levels.

Actionable Insight:

Short EUR/USD at current levels with a stop loss at $1.3133 with a near term target at $1.2650

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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