Published On: Tue, Mar 14th, 2017

Limited setback for EURUSD but sentiment positive

InstaForex

Background


This week’s sentiment is positive but although early price action saw the market post new five-week highs on Monday, they were not maintained. Instead profit-taking above 1.0700 developed and EURUSD slipped back to the 100-day moving average. That point held, Friday’s Marabuzo line went untested and the 13-day line is positive in the background. It is these factors that suggest the market will continue to look for levels to buy this currency pair.

Management and risk description

Parameters

Entry: buy at 1.0607.

Stop: 1.0571 offered.

Target: 1.0680 and 1.0715.

Time horizon: intraday, ending 16.00 GMT

Highs rejected

 

Profit taking

 

Long term

 Source: all charts CQG. Create your own charts with SaxoTrader; click here to learn more 

– Edited by Gayle Bryant

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