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

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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

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About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

Comments

  1. abe says

    how come you are trading the eur/usd , if its illegal to trade these in india ?

    Reply

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