Who Wants To Buy EUR/USD? - Forex News by FX Leaders

Who Wants To Buy EUR/USD?

Posted Thursday, May 18, 2017 by
Skerdian Meta • 1 min read

The uptrend in EUR/USD is going strong. Some of it is a result of better economic conditions in the Eurozone and the diminishing political risks from the Block.

The other side of the story is the recent weakness in the USD, as a result of Trump. The Buck was dumped big time yesterday and today as well.

It has been difficult to get in during such a strong trend, especially in EUR/USD. According to forex textbooks, you must wait for a retrace lower on an uptrend before trying to jump on the train, because the pullbacks in these sort of markets are just as violent as the trend.

That´s the reason you don´t jump on a trend at any price or at any time you feel like.

We´re inching closer to 1.10

That´s why we haven´t opened a buy short term forex signal in this pair over the last few days. However, this morning EUR/USD has completed a retrace, the first proper retrace in days.

It got close to 1.10, which was a big resistance level, but has now turned into support. It´s been holding the price well so far and the 50 SMA (yellow) is helping as well.

This makes it a good opportunity for a short-term buy forex signal, but the 20 SMA (grey) is being tricky on the top side, providing resistance. Right now the price is about 30 pips above 1.10. I´d like to get in as close to 1.10 as possible, so let´s wait a few more minutes to see if we can get a better entry price lower.

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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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