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!

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