Webinar: Trading Price Action Post-ECB
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- This is an archived webinar from an earlier session hosted on DailyFX with Strategist, James Stanley. If you’d like to sign up for additional webinars, the links below will help you set that up.
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- The center of today’s discussion was around the major move seen this morning in EUR/USD that corresponds to another spike-higher in DXY. As we looked at, EUR/USD put in a total movement of more than 270 pips off of today’s high, which also syncs with the yearly open on EUR/USD at 1.0873. But with price action so near a long-term, confluent zone of support around the 1.0500-level, traders would likely want to wait for that to break before looking for down-side continuation.
- For bullish Euro scenarios, greener pastures could be sought against the Japanese Yen, where this pair could offer the same long-Euro exposure without needing to take on short-USD risk as the Greenback trades near 13-year highs. The 120-level on EUR/JPY could be very attractive as a next iteration of ‘higher-low’ support, and if you’d like to read about the full setup, we discussed this in the article published earlier today entitled, Plotting Next Higher-Low Support.
- One market that could possibly be conducive for short-USD exposure moving forward is against the British Pound. While the U.S. Dollar was exuberantly-bullish throughout much of November, the British Pound was actually a dash-stronger (as evidenced by the monthly chart). For more information behind this setup, please check out our article published earlier today entitled, GBP/USD Technical Analysis: Constructively Bullish.
--- Written by James Stanley, Analyst for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.