EURUSD: Weak Fundamental Headwinds of Eurozone

Summary:

Despite Germany’s better than expected Business Climate with a forecast of 87.4 and an actual value of 88.6, the headwinds failed to hoist the sail and redirect the direction of EURUSD’s boat as the market has seemingly locked in with a stronger dollar following continuous monetary contraction. Paving way to potentially shorting EURUSD.

SELL EURUSD

Close Time

CLOSED

1.06225

Entry Price

1.05822

1.06423

1.12129 -0.00023 -0.02%

19.8

Pips

Loss

1.05822

1.06434

Exit Price

1.06225

Entry Price

1.06423

Technicals

EURUSD has seemed to pushed lower despite strong data from the Eurozone - with the market printing continuous lower lows which are depicted through the grey circles in the 4 hour chart. With price’s recent bearish impulse which broke previous pivot low, this can be a confirmation that market is creating substructure to gradually reach the turncoat support along the 1.05700 levels. As an added confluence, market has also printed a bearish trendline. The market has also just recently responded to a resistance it recently tapped as depicted by the long candlewicks during earlier’s trading session.

EURUSD: Weak Fundamental Headwinds of Eurozone _1

Going down to our smaller/entry timeframe, the team is looking at a strong short entry or sell limit along the 1.06225 as this is well supported by the 50SMA, 38.2% retracement level, and a minor resistance level from the 1 hour chart. We are hoping to target the 4 hour turncoat support as the profit taking area given that it will be the next point of interest in the higher timeframe.

EURUSD: Weak Fundamental Headwinds of Eurozone _2

ENTRY

SELL LIMIT 1.06225

SL 1.06423

TP 1.05822

DURATION 2 DAYS

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