Trade Ideas - Looking for the EUR/USD to spike through 1.2000
Entry Point: 1.1800
Take Profit: 1.2000
Stop Loss: 1.1700
After all the excitement of last week, we’re looking to get back on with the trend that has been in place for some time. We have a longer term trade today, as we are targeting 1.2000.
This week we want to see it spike through 1.1900 and up to 1.2000. Enter on a pullback at 1.1800. You can consider scaling out at 1.1900.
Should price break below the 1.1700 level, we have to assume there still isn’t significant buying interest to bid the market up any further.
EUR/USD 240 min Chart - EUR/USD is looking to hit 1.2000
Last Week - Trump Making his Mark
Markets were quietly going about their business last week, before President Donald Trump decided to light a fire and take on Kim Jong-un. Trump first came out and said that he would unleash ‘Fire and Fury’ on North Korea, before spending the rest of the week reiterating those claims and warning North Korea not to launch any missile tests.
Equity markets in particular didn’t respond well to the idea of a potential nuclear war and sold off sharply. We also saw significant movement away from the USD and into safe-haven assets like Gold and the USD/CHF.
The week ended with the US coming out with a less than stellar CPI reading ,which added to some USD weakness and spiked most of the majors including the EUR/USD.
Key for the Week - Data Heavy
There’s a string of data out this week, particularly from the US, which is lead by Retail Sales and the Philly Fed. The Eurozone will also be releasing GDP and CPI figures which will have a significant impact on FX markets.
Technical Analysis - The Key Levels
The EUR/USD is will hopefully fall back into its trend this week, which has been serving us well. Key round numbers are still our focus and we will be looking to test key resistance at 1.1900 and 1.2000.
EUR/USD - Daily Chart - Key short term support and resistance
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