The EU Money Supply Can’t Jump Start The Market, 2 Forex Trades On The Horizon
Skerdian Meta • 1 min read
Apart from Europe, most of the financial markets around the globe are closed today. In the UK it is the Spring bank holiday, and in the US it is called Memorial Day, while the Chinese call it the Dragon Boat Festival. I think I will go for the Chinese, it sounds a lot more interesting.
Only Europe is open today, so the liquidity is thin and the market is almost asleep. The biggest movers among forex majors today are EUR/USD and NZD/USD, which have gained a massive… 30 pips.
EUR/CHF seems to be going nowhere so we don’t have to keep an eye on our forex signal here. EUR/USD, on the other hand, is already oversold on the hourly forex chart, so we are preparing to open a sell forex signal here.
I´m waiting for the price to reach the 50 SMA before going short
Although, I would prefer the price about 20 pips higher to 1.12 because it is a round number and the 50 and 100 SMAs are also there, as you can see on the EUR/USD chart above.
Another pair we´re looking at is GBP/USD which has been retracing higher since Friday afternoo after it lost about 250 pip in the previous few trading sessions. So, that makes this forex pair look pretty bearish and the odds for a sell forex signal here look good. We´re just waiting to get a good entry price.