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Hello Traders,
The Euro gained back some ground against the dollar on Friday with investors after U.S. President Barack Obama approved air strikes in Iraq. Obama said in an address that he authorized targeted strikes to protect the besieged Yazidi minority and U.S. personnel in Iraq, after the Iraqi government requested help.
Currency markets in general have been resistant to alarms over Ukraine, Gaza or Iraq, but there is growing concern that a mix of growth-sapping sanctions and potentially higher oil prices could derail the global economy. A Russian ban on Western food imports is expected to weigh chiefly on European growth and the euro.
From the daily and the weekly charts (see below) it looks as if the EUR/USD pair is still showing a bearish trend, but with the recent news there could be some upside movement. The bears have been in control since developing a double top in May as shown in the daily chart. No worries there is some hope for the bulls because price might bounce off the 200 SMA or ad least provide a slight pause and consolidation of this recent downtrend as shown in the monthly chart.
Bias: No Trader or Bearish
The present trend is still bearish but if I was placing a trade today I would wait for a stronger pull back or even a test of the 200 SMA ,on the daily chart, to the downside before placing a trade. Even though there are buy signals starting to show on the RSI I would still be cautious. I always try to remember, there are countless trading opportunities and set-ups out there. There is not need for me to force a trade. Never chase a trade.
Happy Trading,
Jay Trader
The Euro gained back some ground against the dollar on Friday with investors after U.S. President Barack Obama approved air strikes in Iraq. Obama said in an address that he authorized targeted strikes to protect the besieged Yazidi minority and U.S. personnel in Iraq, after the Iraqi government requested help.
Currency markets in general have been resistant to alarms over Ukraine, Gaza or Iraq, but there is growing concern that a mix of growth-sapping sanctions and potentially higher oil prices could derail the global economy. A Russian ban on Western food imports is expected to weigh chiefly on European growth and the euro.
From the daily and the weekly charts (see below) it looks as if the EUR/USD pair is still showing a bearish trend, but with the recent news there could be some upside movement. The bears have been in control since developing a double top in May as shown in the daily chart. No worries there is some hope for the bulls because price might bounce off the 200 SMA or ad least provide a slight pause and consolidation of this recent downtrend as shown in the monthly chart.
Bias: No Trader or Bearish
The present trend is still bearish but if I was placing a trade today I would wait for a stronger pull back or even a test of the 200 SMA ,on the daily chart, to the downside before placing a trade. Even though there are buy signals starting to show on the RSI I would still be cautious. I always try to remember, there are countless trading opportunities and set-ups out there. There is not need for me to force a trade. Never chase a trade.
Happy Trading,
Jay Trader
Daily Chart
Weekly Chart
