End Of U.S. Session Brief: Friday Preview, EUR/USD Trade - Forex News by FX Leaders

End Of U.S. Session Brief: Friday Preview, EUR/USD Trade

Posted Thursday, October 19, 2017 by
Shain Vernier • 2 min read

Yet again we near the end of the trading week. It seems that as soon as I turn my screens on Monday morning it is time to shut them down again for the weekend. No doubt about it, time flies in the 24-hour electronic marketplace.

NaptimeMoney Never Sleeps-But It Is Getting Ready To Take A Break!

 

For me, trading Fridays has always been an interesting endeavor. One is faced with the challenge of not giving back hard-earned profits but remaining aggressive. Depending on your personality, a losing Friday can bring a high level of stress to your life.

If this is the case, it may be a good idea to build a safeguard or two into your trading plan to manage the issue.

 

Friday Preview

Friday’s economic calendar has a few items to be aware of that will impact any open positions:

Event                                     Currency Impacted

German PPI                                EUR

U.K. Net Borrowing                     EUR, GBP

Canadian CPI                             CAD

U.S. Existing Home Sales          USD

During the overnight, Bank of Japan’s Governor Kuroda is slated to speak on the Japanese economy. With Japan’s snap election coming up quickly, an offhand comment about the Liberal Democratic Party losing a super majority in Parliament could shake up the markets.

Any hint at the end of “Abenomics” is likely to strengthen the yen. Stay tuned.

 

EUR/USD Trade For The Rest Of U.S. Session

The EUR/USD has given us some tricky markets this week, with participation being driven by news out of the Eurozone. There is a long trade that is attractive if price comes our way later today.

EUR/USD EUR/USD, Daily Chart

 

A few observations on the current technicals for this market:

  • The Bollinger MP has completed its crossover of the Daily SMA. This signals a change in sentiment.

  • Support is present at the Bollinger MP (1.1811), 20 Day EMA (1.1805), and the Daily SMA (1.1795).

  • Currently, trade is above the 38% retracement of the macro-wave, 1.1830.

Trade Idea: I will be looking to buy a pullback from 1.1811-1.1805. The initial stop will be under 1.1775 for a 1:1 R/R depending upon entry. With a bit of luck, this trade will be elected before today’s close.

If not, it is back to the drawing board fresh tomorrow. As always, trade smart and watch the risk management

 
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

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of