EUR/USD Spot Price: 1.1424
Support - 1.1400, 1.1330, 1.1300
Resistance - 1.1450, 1.1500, 1.1550
Trade-Ideas - The EUR/USD is range bound
I want to get short at 1.1500 with a stop loss at 1.1600 and a profit target of 1.1350.
EUR/USD 240 min Chart - EUR/USD is Range Bound
Risk-off has been all the rage since the holiday break, however, things have changed pace a little bit, thanks to a strong US employment report on Friday.
Last month the US added over 300K new jobs which was a huge result and that encouraged the bulls to come back into the market.
Recently we have seen risk-off be the major trade with gold and the safe haven currencies seeing some strong inflows. Over that period the EUR/USD has remained relatively range bound with very little movement in either direction.
The big talking point last week was Fed boss Jerome Powell suggesting that the FOMC might now ease up on the speed of interest rate rises. That is likely to see the USD fade a little.
With much of the attention on the US, the EUR has come a little unnoticed of late. This week we get the ECB minutes which will give us some clues as to what the ECB is thinking around their changing monetary policy.
Many suspect 2019 to be the year rates rise and we might get some more insight from the minutes.
The EUR/USD has been trading between 1.1300 and 1.1500 for some time now. I think that will continue for the time being, until we either see a significant change in ECB policy or until the USD can finally break out to the upside.
EUR/USD - Key Levels
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