What’s in Store for the Euro this Week? - Forex News by FX Leaders

What’s in Store for the Euro this Week?

Posted Monday, October 9, 2017 by
Rowan Crosby • 1 min read

Thanks mostly to a less than impressive U.S, jobs report, the EUR/USD managed to avoid falling off the cliff at 1.1700. It bounced as the USD sank, however, I suspect that we are going to another test of the key support at 1.1700 very shortly.

We have a clear change in momentum in the EUR/USD. For months the bulls have well and truly been in control, however, the tide has started to turn in line with the Fed suggesting that rate hikes will be happening sooner rather than later.

As such I will be getting set to sell the Euro. The two key levels of interest are on the current pullback, or if we can break and hold below 1.1700 support. There is a long-term sell signal out with a profit target at 1.1559 and that looks a compelling trade at the moment.

 

EUR/USD – 240 min Chart.
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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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