Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
Long EUR/USD at Market Ahead of FOMC, NFP

Long EUR/USD at Market Ahead of FOMC, NFP

Talking Points:

- EUR/USD remains bullish after seeing prices pullback since last Thursday’s breakout.

- IG Client Sentiment remains stretched in EUR/USD at -2.53-to-1. This is bullish given retail sentiment’s contrarian nature.

- Q3 Forecasts have just been released and are available in our Trading Guides. And if you’re looking for something more interactive in nature, please check out our DailyFX Live webinars.

To receive James Stanley’s Analysis directly via email, please sign up here.

This setup is attached to the previous long EUR/USD Analyst Pick from last week. I had hedged around the Dollar ahead of last week’s Central Bank speeches, and EUR/USD remains bullish with the prospect of further topside continuation. With half of the position exited out and one target remaining at 1.1500, the door is opened for re-entry.

We looked at this setup earlier this morning as USD,DXY is working with short-term resistance. Current support in EUR/USD is showing at the 38.2% Fibonacci retracement of the most recent bullish move, and just below at the 50% retracement, we have confluence as this lines up with the prior resistance around 1.1285. Stops will be set below the 61.8% retracement in the event that a test of the 50% level is in the cards as we’re nearing two rather pivotal pieces of US data.

Stops below 1.1230

Break-even stop move at 114.40

First target: 1.1480

Target 2: 1.1615

Chart prepared by James Stanley

--- Written by James Stanley, Strategist for DailyFX.com

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES