Euro against US Dollar is in uptrend for medium term, Buy on Decline

EURUSD pair in forex has is very popular, as I see these days it has become highly predictable with technical analysis. As I see the charts I feel that EURUSD is now beginning a new up trend as it has bounced from 1.2050 to 1.29 about 900 pips rally in 3 months. If I see the daily chart the pair is already trading above the 200 days SMA, In this case I will be only looking for buying opportunities in this currency using slow stochastic indicator. My positional target will be 1.30 and then 1.3155 level, more over I will be placing the stop loss just below the recent swing low on the 4 hour chart.

Fundamentals: Today evening, FED will be coming up with the interest rates decision and just before that the inflation data will be announced. So many eyes will be busy watching this event.

Technical s: Euro is supported by a trend-line on the daily chart. Also the series of higher tops – higher bottoms narrates us the uptrend story.

Eurusd 1 hour chart forex trading

About Bhaveek Patel

Bhaveek Patel is a technical analyst and investor, his areas of interest includes stock market, forex, gold.


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