EUR/USD bears having a go at 1.10 - Forex News by FX Leaders

EUR/USD bears having a go at 1.10

Posted Tuesday, July 19, 2016 by
Skerdian Meta • 1 min read

This morning EUR/USD was at 1.1080 but after failing to break above the 50 moving average in yellow it turned south and it´s been a one-way street since then. That went in favour of our sell forex signal in this pair which hit take profit at 1.1035 giving us 25 pips. It fell as low as 1.1011 about 20 minutes ago so the 1.10 crucial support level is in sight and it is the target that the EUR/USD bears are looking to break.

The hourly candle closed as a doji which signals a reversal

The slightly better than expected housing starts gave them an additional  reason to push further and they might as well accomplish that, but we think that the bulls won´t let go without a fight. The price has already bounced to 1.1020s so we thought that it would be a good idea to open a short term buy forex signal. We´re targeting 20-25 pips with the idea that the price might retrace up to 1.1050s before the bears have another go at the 1.10 level and probably break it.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of