Free Profitable Forex Newsletter
Hey! This is Philip with this week's trade idea of the Free Profitable Forex Newsletter!
Looking to sell EURUSD toward 1.1400
After closing below the 200 weekly moving average last week we are watching the EURUSD currency pair this week and the down move is being reversed as we pretty much suspected.
The US Dollar is losing value today as Cleveland Fed President Loretta Mester was out speaking today saying that she supports halting quantitative tightening this year. Mester is considered a hawkish member of the Fed so such a dovish message from a hawk comes as a bit of a surprise, which is probably why there is a big reaction in the Dollar.
Nonetheless, she also said that another rate hike is likely this year, but the markets are not focusing on this part of her speech. EURUSD is rallying on broad USD weakness, but the rally is likely to falter, especially because the European Central Bank is also turning dovish.
Looking at the charts, the big resistance nearby now is in the 1.1400 area.
On the weekly chart, we can see the close below the 200-WMA and the breakout (close) below the consolidation range. It now seems that EURUSD is attempting to retest the broken support trendline of this range (which is in the 1.1400 area).
We will be looking for sell signals in the 1.1400 weekly/daily confluence resistance area.
The targets would be 1.1200 initially, and then to 1.1000.
Premium subscribers will receive an additional email with the specific entry/stop levels once and if this trade is triggered.
Trade signals from the past week
(FREE + FULL paid newsletter)
- February 12, 2019 - Long AUDNZD from 1.0530, stop triggered at 1.0480 = -50 pips (featured in full and free newsletter)
- February 14, 2019 - Short EURJPY from 124.97, closed near target at 124.40 = +57 pips profit (featured in full newsletter)
TOTAL: +7 pips profit in the last week
TOTAL: +920 pips profit since the beginning of October
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