Hourly chart for EUR/USD
The Euro remained steady against the US dollar even though the economic reports coming out of Germany with regards to the business sentiment index came lower than expectations. The current conditions came in at 25.4 versus a reading of 44.3 a month ago. The report is indicative of the stagnant Eurozone economy and points towards the fact that the European central bank would be forced to maintain its loose monetary policy even while the Federal Reserve might take steps towards rising interest rates and winding down its bond buying programme.
The German economic expectations came in at a poor 6.9 versus an overall consensus expectation of 8.9 showing deteriorating economic conditions in Europe’s’ biggest economy. The focus of traders and investors now shift towards the FOMC meeting scheduled to begin today with Federal Reserve Chairwoman holding a press conference tomorrow. The language of the Fed Minutes would be closely watched and followed by one and all as any hawkish indication would mean the Euro and all major currencies can head lower against the dollar in the near term.
On the hourly chart for EUR/USD the currency pair currently trades in a very narrow trading range with resistance on the upside near the $1.29500 levels and support at levels of $1.29200 levels. It is imperative to know that the currency pair currently trades below all of its important daily moving averages and has also been in a strong downtrend right from the time the ECB cut interest rates early in September. The momentum indicators for the currency pair have been in a strong downtrend and are showing no signs of a reversal at the current time. Traders and investors believe that only a move above the level of $1.29500 would push the currency pair higher.
Long EUR/USD if it closes above $1.29500 for a near term target at $1.31 with a strict stop loss below $1.29200
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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