This is What I’m Watching in the EUR/USD on Friday
Yesterday I was bearish on the Euro and in the end, the USD actually weakened a touch. However, my main focus was on selling the 1.1850 lev
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Last updated: Friday, October 20, 2017
Yesterday I was bearish on the Euro and in the end, the USD actually weakened a touch. However, my main focus was on selling the 1.1850 level. Sure enough, we have run into short-term resistance, right around that point.
I’ve been liking the 50-SMA on a number of products and especially the EUR/USD. As you can see on the chart we’ve been able to bounce right off it on a number of occasions. When we have multiple support/resistance factors all lining up, that makes my bias even stronger.
Today I’ll be looking to see if we can scalp off the 50-SMA right around this level. Clearly, the USD is driving the longer-term moves at the moment, but from a technical setup trading, the moving averages have been a good short-term strategy.
EUR/USD -240 min Chart.
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ABOUT THE AUTHOR
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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.
