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Euro Poised to Push Higher As the EU Aid Fund May Purchase Bonds From Governments

Euro Poised to Push Higher As the EU Aid Fund May Purchase Bonds From Governments

2011-02-01 16:30:00
Michael Wright, Currency Analyst
Share:

Potential 24 Hour Setups

Currency Pair

Potential Target

Pivot Support

Pivot Resistance

Long EURUSD

1.38

1.34

1.40

*Trade updates during the course of the day will be provided through our real time news page.

Review of Price Action on the Previous Day’s Trade

Currency

Entry

Potential Target

Close

Pending Long USDCHF

--Failed to Get Entered--

--

--

*Note: EURUSD short is from the last updated report on Thursday

The EURUSD has worked its way into an ascending 15 minute channel ahead of the U.S. ISM manufacturing report. As of late, economists are forecasting manufacturing to increase to 58.0 in January from a revised 58.5 the month prior. As the euro has regained its footing on the back of risk appetite and speculation that EU aid fund may be authorized to buy new bonds from governments, a dismal U.S. report could lead the single currency to test 1.38 over the next 24 hours. Not to overlook, producer prices for the 17 member euro area are on tap. The report is of particular interest due to the fact that producers tend to pass on higher costs onto consumers. Thus, producer prices serve as an inflation gauge. All in all, remain long the euro so long as price action does not break and close below 1.37.

EURUSD 15 Minute Chart

Intraday_Trading_02.01.11_body_eurusd.png, Euro Poised to Push Higher As the EU Aid Fund May Purchase Bonds From Governments

Charts Created Using FXCM’s Strategy Trader

Close: 1.3756

SSI: -2.49

Retail positioning relates to our speculative sentiment index which illustrates where traders are at in the market. The larger the retail positioning is within the highlighted area, the more likely it is that longs exceed shorts or vice versa. We will look to use this indicator in conjunction with other technical developments to dictate price action over the next 24 hours.

Every day at 16:00 GMT, we analyze potential 24 hour trade set ups. The trade is no longer valid if it is not triggered by 16:00 GMT the next day. Good luck trading!

Written by Michael Wright, Currency Analyst

To Receive Future Articles by Email, please contact me at instructor@dailyfx.com

Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, Intraday Trading, and Forex Trading Weekly Forecast

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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