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Current trend
Support and resistance
Trading tips
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2016-08-29 10:51 (GMT+2) EUR/USD
Current trend
The Euro has been correcting up against the US Dollar in the morning
session today after a substantial fall at the end of the previous week
amid Fed Chair Janet Yellen speech. The head of the regulator positively
assessed the near-term outlook for the US economy and agreed with her
colleagues who had previously supported an increase in interest rates.
Janet Yellen still believes that a gradual and cautious approach to
tightening of monetary policy will be appropriate. She also spoke about
additional policy tools the Fed will be able to use to address possible
economic circumstances in a longer run.
Support and resistance
Bollinger Bands on the daily chart is turning horizontally while the
price range is trying to remain unchanged. MACD is falling and keeping a
sell signal. Stochastic has entered the oversold zone and turned
horizontally.
The indicators recommend waiting for clearer trading signals.
Support levels: 1.1179 (29 August low), 1.1153 (15 August low),
1.1130 (12 August low), 1.1119, 1.1100, 1.1083, 1.1070 (9 August low),
1.1045.
Resistance levels: 1.1200, 1.1233, 1.1270, 1.1300, 1.1321, 1.1365 (18 August high), 1.1400 (24 June level).
Trading tips
Long positions can be opened after the price rebound from the level
of 1.1179 with targets at 1.1300, 1.1331, 1.1365 and stop-loss at
1.1133. Validity – 2-3 days.
Short positions can be opened after the breakdown of the level of
1.1179 with the target at 1.1100 and stop-loss at 1.1200. Validity – 2-3
days.
Scenario
Timeframe | Intraday |
Recommendation | BUY LIMIT |
Entry Point | 1.1179 |
Take Profit | 1.1300, 1.1331, 1.1365 |
Stop Loss | 1.1133 |
Key Levels | 1.1045, 1.1070, 1.1083, 1.1100, 1.1119, 1.1130, 1.1153, 1.1179, 1.1200, 1.1233, 1.1270, 1.1300, 1.1321, 1.1365, 1.1400 |
Alternative scenario
Recommendation | SELL STOP |
Entry Point | 1.1170 |
Take Profit | 1.1100 |
Stop Loss | 1.1200 |
Key Levels | 1.1045, 1.1070, 1.1083, 1.1100, 1.1119, 1.1130, 1.1153, 1.1179, 1.1200, 1.1233, 1.1270, 1.1300, 1.1321, 1.1365, 1.1400 |
with
M Samer Al Reifae
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
- YOU WILL NEVER TRADE ALONE -
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.