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EUR/USD trading strategy for the week 18 - 22 Nov 2013

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EUR/USD Chart
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The Euro Zone will be releasing a raft of data this week

The Euro is starting the week on a positive note, is there some ground behind this or the sentiment has turned too negative for the US Dollar. How about we strategize a little and choose the best way to profit from this pair this week.

Take a look at the technical and the fundamental factors

To answer this question we will have to take a look at the technical and the fundamental factors that are driving the price of the Euro right now. 1.35 had been cleared without major hurdles and the EUR/USD binary options forex pair has reached 1.3542 before pulling back and trading at 1.3508 currently.

The setup on our chart looks as if the trend will gradually continue to be on the upside. As of right now we are contemplating to be buying at levels around 1.3470, but who knows what data points are we going to get until the end of the week. It’s a busy one and frankly the pair could go either way as data is being released. That’s why we will be keeping you updated as trading goes along during the week.

Let’s start with the chart, we have drawn our projected movement for the pair. Again, this is only an approximation and should be treated as such. We will be supplying details as the data keeps flowing out of the Euro Zone and the US.

Our approximation for now is that tomorrow we will get a chance to buy at 1.3470. The most important piece of data will be the ZEW survey at 10:00 GMT. It is expected at 54.0, tomorrow we will tune in with a morning technical view of the price pattern during Asia and keep you posted about the data development. Maybe we will see the drop happen later, maybe on the contrary – it will happen earlier in European morning.

The German ZEW institute provides a survey of the German economic conditions in the future. The higher the number the better it is for the Euro, but don’t get fooled too easy, it’s all about how higher or lower the number is from expectations and the details behind the survey.

Stay tuned in our Forum, and happy trading! Remember - for now we are buying calls at 1.3470 on an hourly and daily basis.

Comments

Matt T.'s picture

The rise goes on albeit a little slower than expected. We believe that the pair is headed to test the upside at 1.3565-70. Data points out of Europe tomorrow will be key. stay tuned for our updated chart tomorrow morning.

Matt T.

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.

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