The USD continues its march this morning - Forex News by FX Leaders

The USD continues its march this morning

Posted Thursday, August 4, 2016 by
Skerdian Meta • 1 min read

The USD has been enjoying some demand in the last 3-4 trading sessions, after suffering some considerable losses during the first three trading days of the week, especially on Tuesday. There hasn´t been a clear reason behind this positive shift in the trend of the USD, just the same as there was no apparent reason for the downtrend in the first three days. I guess it´s just pure market sentiment, at first, the forex traders wanted to close some USD long positions now the want to buy it back.

Anyway, EUR/USD has been going down since the Tokyo session yesterday. We opened a buy forex signal in this forex pair at 1.1140s yesterday evening thinking that the move down would be over. The move down yesterday did end there but the retrace up was very shallow and the price didn´t jump enough to hit our take profit.

The first resistance in this forex pair comes at 1.1180 so we hope that the price moves up close to it and has a go at it, this way it will trigger our take profit. On the downside, we are protected by the 1.1120s support level for the moment which held on the first test this morning and the price is about 20 pips higher right now. Below that, 1.1100 and 1.1080 are strong support levels to consider.

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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.
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