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Euro Makes Fresh 20 Months Low, Huge Selling Before Italian Bond Auction

By Bhaveek Patel Leave a Comment

Italian Bond auction is to be done today and ahead of event we have seen huge selling in Euro against US Dollar. There is still more uncertainty and concerns regarding Italian bond auction across European region. Selling on EURUSD was so intense that, pair has made fresh 20 Months low at 1.2847 falling by more than 50 pips in few minutes, and the pair is still under selling pressure. Any pullback or risk rally should be used as selling opportunity on Euro vs US Dollar. Looking at SSI (speculative sentiment index), there retail traders are still net long and taking contrarion view more downside is possible on EUR/USD forex pair. Forex traders must stay alert as there is important news event this week i.e NFP (Non Farming Payroll) on Friday. On charts Euro has support at 1.2856 (previous low) also 23.6% Fibonacci retracement level coincides there, hence may be strong support till price action stays above this major level.

How to trade Euro for short term: Short EUR.USD near 1.29 for short term targets as 1.27 and then 1.26 levels, while placing stop losses at psychological level of 1.30

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Category: Forex Tags: Bond Auction/ Eur/Usd/ Fibonacci Level

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. Richard Russel says

    Hi bhaveek, I am still short holding my shorts on euro vs various currencies, do you see more weakening in shorter term. However I am long on eurchf as swiss national bank has pegged euro at 1.20 against swiss franc. So i just need to know is euro vulnerable to weak european economies?
    Regards,
    Richard

    Reply
    • Bhaveek Patel says

      Richard you are trading in right direction hold shorts on Euro related pairs except eurchf. I see euro weakening in short term, so holding shorts is better and adding more shorts will be best strategy to trade. If you need any help related to forex the do comment.
      Regards,
      Bhaveek Patel

      Reply
  2. Vishwesh says

    Euro is up by 200 pips today, what is reason can we see more upside from here. I have already initiated long position on eurusd pair near 1.3070 level. Can you do analysis on this pair.

    Reply
  3. waheb sheikh says

    I have short on eurcad pair today, euro is gaining what can be done now? I have 2 standard lots with current loss of 130 pips. will trend change on this currency pair? Kindly reply sir.

    Reply

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