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Buying EUR/USD

We just pulled the trigger on EUR/USD. We opened a buy forex signal on this pair a few minutes ago since the chart setup looks favourable to longs. 

This forex pair jumped more than 60 pips yesterday after the FOMC minutes which we explained shortly on the previous market update. They were hawkish in my opinion but the market thought otherwise. So, the Buck lost a pound of flesh and EUR/USD jumped higher. 

The H1 chart is almost oversold. 

During the Tokyo session though, and so far in the European session, we have seen a pullback take place. The price retraced to 1.0540 where we can find the 50 SMA in yellow, as you can see on the forex chart above. 

That moving average has been providing some solid support all morning and the previous candlestick closed as a doji, which means that a reverse is near. 

Adding to that, the fact that the stochastic indicator is oversold means that our forex signal looks great on the hourly chart. Let´s hope that the buyers will make a move before the US unemployment claims get published. 

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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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