EUR/USD

End Of Week Levels For The EUR/USD

Posted Thursday, September 27, 2018 by
Shain Vernier • 1 min read

The U.S. forex session has been dominated by the Greenback. Big gains against the Euro and Swiss franc have highlighted the action. A near triple-digit plunge in the EUR/USD has brought several technical support levels into view. If the current sentiment continues, then a few counter-trend trade setups will come into play by Friday’s closing bell.

Today’s post-FED session has brought an abundance of participation to the currency markets. Let’s take a look at the levels facing the EUR/USD going into the Friday session.

EUR/USD Technicals

It has been a 70 pip bearish rout in the EUR/USD. With prolonged FED tightening now on the table, it appears that traders are liking the intermediate-term prospects of the Greenback vs the Euro.

EUR/USD, Daily Chart
EUR/USD, Daily Chart

Here are the support levels to watch in the coming hours:

  • Support(1): Bollinger MP, 1.1666
  • Support(2): 62% Current Wave Retracement, 1.1636
  • Support(3): Daily SMA, 1.1622

Bottom Line: At press time, the EUR/USD is pushing session lows at 1.1663. This action is testing the Bollinger MP and threatening to extend losses. If the sell-off is extended, then a long trade setup will come into play in the coming U.S. overnight session.

For the remainder of the week, I will have buys from 1.1626 queued up and ready to go. With an initial stop at 1.1594, this trade produces 32 pips using a standard 1:1 risk vs reward management plan.

This is a counter-trend trade, so keep the leverage in check. Buyers are likely to dig in ahead of the 1.1600 handle and the support levels on the daily chart are an added bonus. With a bit of luck, this trade will go live shortly before the upcoming European session kicks off. 

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 is our 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
eToro announces a significant cut in spreads on cryptoassets to increase awareness of the potential of crypto and blockchain more broadly
SPONSORED
Comments

Leave a Reply

avatar
  Subscribe  
Notify of
SPONSOR BROKER