With Talk of Stimulus Programs Euro Plunges

With Talk of Stimulus Programs Euro Plunges

By: James Ansher | Where To Trade | On:22-10-2014 10:42
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Where To Trade - Daily chart for Euro

Daily chart for Euro

 

EURUSD

The Euro dropped against the dollar during the overnight trading session, rescinding all of its gains from Monday, due to reports stating the European Central Bank will start its corporate bond buying program as soon as December.

It is important to state that the ECB started buying covered bonds on Monday in order to infuse much needed liquidity into the Eurozone economy. The talk of fresh stimulus programs put pressure on the Euro, which remained lower and closed near session lows. Lacklustre growth reports from China additionally added to its fall.

Meanwhile, in the U.S., the National Association of Realtors reported that new homes sales rose by 2.4 percent against consensus estimates of a growth of only 1%.Obviously this was positive for the dollar, which soared against all major currencies. This led to some analysts to speculate that the Federal Reserve will hike interest rates sooner than expected.

When looking at the daily chart for the EUR/USD, the currency pair is clearly forming a bearish engulfing pattern. Therefore, the EUR/USD is currently taking support on the upward sloping trend-line at $1.27100, with resistance continuing to remain near $1.28281.

The momentum indicator for EUR/USD is showing its first signs of weakness after a strong uptrend over the last few sessions. Lastly, the relative strength index has given a clear sell signal, pointing towards an impending correction.

 

Actionable Insight:

Short the EUR/USD if it moves below $1.27100 for an intermediate target at $1.25454, with a strict stop loss above $1.27660

Long the EUR/USD if it moves above $1.27660 for a short-term target at $1.28281

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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