EUR/USD Trade Setup – U.S. Economic Events Ruling The Market!

What's up all, hope you guys enjoyed another +50 pips trade in the Crude Oil during the U.S. session. My team and I are consistently striving to secure high probability trades to ensure profitability. Anyhow, today, the macro economic events from the United States are dominating the market. Check out the EUR/USD as it can potentially offer us a good number of pips today.

Top Economic Events Today

Today, we don't have any high impact fundamentals from any economy, but the United States. Let's take a look…

Core Retail Sales m/m: The Census Bureau will be releasing the figure at 12:30 (GMT), and it's expected to remain the same as previous months at 0.5%. It will be exciting if the figure changes from 0.5% as we will be in a position to capture fluctuations.

Retail Sales m/m: The retail sales are expected to drop to 0.1% from 0.6%. The figure is important as it's the primary gauge of consumer spending, which accounts for the majority of overall economic activity.

EUR/USD – Broad Trading Range

I was looking at the 2- hour chart of the Euro, and it seems to be stuck in the broad trading range of 200 Pips with a lower boundary of $1.1820 and an upper boundary of $1.2070.

EUR/USD – Broad Trading Range 

Zooming out on the same chart, we can see the pair has crossed below 50- periods EMA at $1.1970 and now heading towards a resistance become support level of $1.1822. The immediate resistance is at $1.1920. Besides that, the momentum indicators, RSI and Stochastics are overbought and supporting the selling sentiment of investors.

EUR/USD – Trading Plan

Traders, I'm looking to stay in sell below $1.1920 with a stop above $1.1950 and take profit at $1.1870 and $1.1820. However, the direction of the pair is highly dependent on the economic events from the U.S. Good luck and have an awesome weekend!

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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