EUR/USD: Be careful with last minute Holiday shopping
Diupdate
Hello traders
My last idea worked out profitably. +85 pips.
We are entering the last 24-36 hours of meaningful trading. Keep in mind, the Asian markets may not be so invested in the Holidays and may take advantage of the low liquidity in the Western markets.
However, levels are levels, especially in the most liquid currency pair, EUR/USD.
Take a good look at the monthly levels and how it translate on the lower time frame charts.
I base most of my trades on monthly/weekly levels and fine tune it on the 1 to 4 hour charts.
Fundamentally, the USA finalized the spending bill. PCE came in a tad lower at 0.1%
As I have mentioned in my idea
the chaos is back in Washington D.C. even before the inauguration of the President elect
Elonald Trump. What happened this week is unconscionable. The blatant power struggle between Trump, Musk and our elected representatives in Congress has started. Mark my words, Trump will dump his unelected co-president sooner than later. He got elected and does not share the limelight with anyone. Remember how he broke hundreds of years of protocol and walked ahead of the late Queen Elizabeth 2nd during a State visit?
The other significant development was how 38 GOP members of the House defied Trump and voted against his instruction to raise the debt limit ceiling. With a razor thin majority in the House, Trump is going to have a hard time implementing his agenda, so fasten your seat belts.
All in all, the EURO is fundamentally weaker than the USD but investors do not like uncertainty. Just look at the strength of the JPY as a safe have when adverse geopolitical developments happen.
I initiated a short position from 1.0442 and will monitor the 1.0419 level if it breaks, down to 1.0384 level for another long position.
Best of luck. Happy Holidays.
My last idea worked out profitably. +85 pips.
We are entering the last 24-36 hours of meaningful trading. Keep in mind, the Asian markets may not be so invested in the Holidays and may take advantage of the low liquidity in the Western markets.
However, levels are levels, especially in the most liquid currency pair, EUR/USD.
Take a good look at the monthly levels and how it translate on the lower time frame charts.
I base most of my trades on monthly/weekly levels and fine tune it on the 1 to 4 hour charts.
Fundamentally, the USA finalized the spending bill. PCE came in a tad lower at 0.1%
As I have mentioned in my idea
the chaos is back in Washington D.C. even before the inauguration of the President elect
Elonald Trump. What happened this week is unconscionable. The blatant power struggle between Trump, Musk and our elected representatives in Congress has started. Mark my words, Trump will dump his unelected co-president sooner than later. He got elected and does not share the limelight with anyone. Remember how he broke hundreds of years of protocol and walked ahead of the late Queen Elizabeth 2nd during a State visit?
The other significant development was how 38 GOP members of the House defied Trump and voted against his instruction to raise the debt limit ceiling. With a razor thin majority in the House, Trump is going to have a hard time implementing his agenda, so fasten your seat belts.
All in all, the EURO is fundamentally weaker than the USD but investors do not like uncertainty. Just look at the strength of the JPY as a safe have when adverse geopolitical developments happen.
I initiated a short position from 1.0442 and will monitor the 1.0419 level if it breaks, down to 1.0384 level for another long position.
Best of luck. Happy Holidays.
Trade aktif
Sorry, "monthly" levels in the text of the 1M chart.
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