FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
EUR/USD daily chart, August 06, 2018

The EUR/USD pair continues the bounce around just below the 1.16 level, and Friday provided no more clarity. All things being equal, I suspect that we could go down to the 1.15 handle, but it may take a certain amount of negativity in the markets to make that happen. I recognize that the 1.16 level will be resistive, but if we reclaim that area on a daily close, then I think we are simply looking at the symmetrical triangle being negated, and a return to the previous consolidation that had been such a major part of this market.

Advertisement
Know where EUR/USD is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Friday jobs numbers are always difficult to trade, because quite frankly you never know what people are thinking. Perhaps they are squaring positions heading into the weekend, perhaps they are looking at longer-term macroeconomic figures, or perhaps they are just trying to play short-term ranges. Because of this, there’s not a lot you can glean out of this other than we are still below the 1.16 level. But I also see a massive amount of support at the 1.15 handle, so I think the downside is somewhat limited, although we could see a sudden rush towards that area. I would be a huge buyer at the 1.15 level at the first signs of a bounce, as I believe it could be a nice longer-term opportunity for those who can hang onto a trade for more than a few days.

EUR/USD Video 06.08.18

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker