I want to get short at 1.1500 with a stop loss at 1.1600 and a profit target of 1.1300.
EUR/USD 240 min Chart - EUR/USD has Bounced
Global News in Focus
The EUR/USD has seen a strong bounce off the recent lows, helped by a pullback in the Greenback.
As US traders will have a shortened week because of Thanksgiving, attention will turn to the current sentiment and global news.
Late last week, concerns came to light from FED officials about the current level of global growth. The US is on a path of interest rate increases and tightening monetary policy. If global growth is weak going forward, that might change their outlook.
At the same time, one of the biggest headwinds to growth is the US-China trade wars. The media out of Washington continues to be positive on talks, however, that’s not quite what we’re seeing from the Chinese at the moment. With the demands of the US President, still some way off.
Key Economic Data
Even though we have a short week for US traders, we do get to take a look at the ECB minutes. The ECB hasn’t budged an inch in may months on its monetary policy outlook.
Mario Draghi is still waiting for signs of life before taking his foot off the pedal. I suspect we will get more of the same in the current announcement. With Draghi waiting on inflation and GDP figures to fall into line with his expectations.
The EUR/USD bounced off the 1.1300, but not before it pushed well into the low 1.1200’s.
The round number levels have been holding strong and the first test will be to hold 1.1400. If we can I suspect we can possibly push back to 1.1500.
Getting beyond that point will be tough and it might be a spot to look for a potential short.
EUR/USD - Key Levels
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