Hey everyone I have been trading for some time and I find my analysis to be good so I would love to share them and get feedback. Basically I work from fundamentals to technicals. I use sma stoch and Mac D.
Well for my first post today we saw European GDP numbers especially that of Germany and France. For me all the data today was bad so at the moment the euro should be sideways to bearish. Prior to this release I was expecting a rise to 1.25 based on the double bottom formation on the daily chart but with weak fundamental backing that move is looking less likely. Well for now we should see a price pull back from today’s low before it can continue further down. Previous lows should be hit. Tomorrow’s data out of US should guide trading so keep a close watch.
As expected the EUR USD continued lower and continues to show weakness towards the down side due to weak fundamentals but at the moment price is at at previous resistance which is now support 1.2260/70 region. A break below down towards sub 50 could see more lows but we would need poor data for that. For today keep an eye on euro CPI and US jobless numbers to guide trade. Good numbers could boost risk appetite and send the euro bouncing from this support. Now go out there and catch some pips. Happy trading