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Talking Points:
- In this webinar, we used price action to look at Euro-pairings after this morning’s European Central Bank announcement.
- The first pair we looked at was the major of EUR/USD, which was sitting on the 1.1000 psychological level at the time of the webinar. Given the multiple tests of support that we’ve seen around this price zone, and combined with the strength seen in the US Dollar of recent; this could be looked at as a potential top-side range-play under the premise that USD-strength may abate in the near-term. We discussed a couple of ways to use price action to look at triggering into that move.
- A more attractive top-side play in the Euro may be seen against the Yen, which has seen a rather brisk bout of weakness over the past couple of weeks as bets for more Japanese stimulus have continued to increase. We discussed that topic in our Market Talk article last Monday, and in today’s webinar, we looked at EUR/JPY and how traders might be able to trigger-in to the top-side move under the presumption of continuation of Yen weakness.
- We also looked at the crosses of EUR/CAD and EUR/AUD with contingent setups for playing each.
--- Written by James Stanley, Analyst for DailyFX.com
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