EUR/USD Trade Setup – U.S. Economic Events Ruling The Market! - Forex News by FX Leaders

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

Posted Friday, September 15, 2017 by
Arslan Butt • 2 min read

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.

EURUSD - Broad Trading Range 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!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of