EUR/USD Hits Take Profit - What's Next on the Cards? - Forex News by FX Leaders

EUR/USD Hits Take Profit – What’s Next on the Cards?

Posted Wednesday, January 2, 2019 by
Arslan Butt • 1 min read

Fellas, It’s been a good start to the day as team FX Leaders has closed two trading signals at take profit in EUR/USD and AUD/USD. The volatility is back in the market and we may have more opportunities ahead as the Eurozone along with the UK and USA are scheduled to release the manufacturing PMI figures. Here’s a quick trade setup.

EUR/USD – Technical Outlook

On the 3- hour chart, EUR/USD maintained a tight trading range of $1.1470 – $1.1420, which finally got violated during the Asian session today. The EUR/USD is holding above $1.1470, the resistance level which is now working as support.

The exponential moving averages are suggesting a buying trend, while the RSI is also above 50. Now, as long as we don’t get negative releases from the Eurozone manufacturing PMI figures, EUR/USD has high odds of testing 1.1530 this week.

With that said, I will be looking to take buy positions above $1,1470 with a target of $1.1510 and $1.1530 today.

Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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