The upcoming ECB meeting is in 24hrs and is expected to focus on the lack of inflation instead of tapering of the ECB bond purchases. General consensus is one of fearfulness and a move down is expected before going higher. The euro has a current upside of 1.162 and a downside of 1.13 as key support. The strength of the eurusd suggests we will not reach 1.13 before moving higher.
Idea: Greed in the face of fear. Does it really work? The test is of intraday support levels after a large move up to see if it can sustain a strong push higher 1.17134 even with incoming news events. This idea is purely technical and discounts fundamentals.
Cons: Most sensible people have taken their EURUSD profits and are awaiting the ECB meeting to dip buy or are already positioned short to cover the meeting. Lets see if the bottom holds!
DISCLAIMER:
This is where I practice ideas and work on my trading techniques. This is not investment advice. Please note I am only providing my own trading information for insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal. Trade at your own risk.
Idea: Greed in the face of fear. Does it really work? The test is of intraday support levels after a large move up to see if it can sustain a strong push higher 1.17134 even with incoming news events. This idea is purely technical and discounts fundamentals.
Cons: Most sensible people have taken their EURUSD profits and are awaiting the ECB meeting to dip buy or are already positioned short to cover the meeting. Lets see if the bottom holds!
DISCLAIMER:
This is where I practice ideas and work on my trading techniques. This is not investment advice. Please note I am only providing my own trading information for insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal. Trade at your own risk.