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EUR/USD Signal - Eurozone ZEW Economic sentiment - 17 Jan 2017

Signal details
Entry Price: 
1.0630
Close Price: 
1.0704
Direction: 
High
Expiry Time: 
21:00 GMT
Result: 
ITM
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The markets are relatively quiet as far as the euro and the U.S. dollar are concerned. However, the bullish momentum seen in the past few days is showing signs of a continuation to the upside. On the economic front, the Eurozone ZEW economic sentiment is due for release later in the day at 0900 GMT. Forecasts point to an increase in the indicator to 24.2 from 18.1 previously. This potentially indicators the increase in confidence in the eurozone economy which has been showing signs of a modest increase over the past few months.

The U.S. dollar on the other hand has been seen trading weaker amid what some would call profit booking. While there is a lot of uncertainty surrounding the markets, the U.S. dollar is expected to remain weaker through the day. Therefore, look to buy EURUSD on dips with daily CALL options near 1.0630 for 2100 GMT expiry time. The current momentum is likely to see EURUSD continue to push steadily higher over the coming days as the bullish bias is maintained.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.