EUR Shorts on Watch
The current corrective move higher in EURUSD, within the broader bearish channel, offers opportunities to play a resumption a of the bear channel. For now, price is holding just above the 1.1612 level, should price trade slightly higher, to a test of broken prior support at 1.1703, with the bear channel top there also, I will be monitoring for reversal candlesticks. Alternatively, if price rolls over from here bears can sell a break below the 1.1527 level targeting 1.1426 next. The retail market is currently around 60% long, showing plenty of room for a further drop in price if longs continue to build.
Key Data to Watch
Weaker Eurozone services sector growth for October, released today, highlighted the ongoing problems facing the single market. If US PMIs today track the moves seen In the UK and are seen improving, this will likely weigh on EURUSD in the near term. Fed’s Powell also speaks later today and traders will be keen to hear any clues as to whether the Fed will taper in the near term which might again drive price lower on any hawkish comments.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.