5 Jan 2015
EUR/USD to see a short correction to 1.2060 – Growth Aces
FXStreet (Barcelona) - The Growth Aces Research Team anticipates the EUR/USD pair to see a short correction to 1.2060 levels before continuing its downward path till the ECB monetary policy decision.
Key Quotes
“The EUR/USD broke below 1.2000 and fell to 1.1876, its lowest since early 2006. The nearest support level is 1.1860, the monthly base from March 2006.”
“The traders are waiting for U.S. Federal Reserve minutes on Wednesday. We see increasing expectation for the Fed to raise interest rates soon, but less hawkish Fed minutes on Wednesday may stop strongly bearish trend.”
“We expect also slightly lower reading of U.S. ISM non-manufacturing on Tuesday, which would be also negative for the USD bulls.”
“On the other hand, we see also rising political concerns ahead of Greece’s general election that are negative for the EUR bulls.”
“Our forex trading strategy for the EUR/USD is to get long at 1.1915 in anticipation of corrective moves. We set the target at 1.2060.”
“After a short correction in the days ahead we expect a continuation of downward trend until January 22, when the ECB meets to make monetary policy decisions.”
Key Quotes
“The EUR/USD broke below 1.2000 and fell to 1.1876, its lowest since early 2006. The nearest support level is 1.1860, the monthly base from March 2006.”
“The traders are waiting for U.S. Federal Reserve minutes on Wednesday. We see increasing expectation for the Fed to raise interest rates soon, but less hawkish Fed minutes on Wednesday may stop strongly bearish trend.”
“We expect also slightly lower reading of U.S. ISM non-manufacturing on Tuesday, which would be also negative for the USD bulls.”
“On the other hand, we see also rising political concerns ahead of Greece’s general election that are negative for the EUR bulls.”
“Our forex trading strategy for the EUR/USD is to get long at 1.1915 in anticipation of corrective moves. We set the target at 1.2060.”
“After a short correction in the days ahead we expect a continuation of downward trend until January 22, when the ECB meets to make monetary policy decisions.”