Top trade idea for August 20st, 2015 – EURUSD
By Mircea Vasiu on Aug 20, 2015 12:10:18 GMT
Time to look at the eurusd as the triangle that is forming on the daily chart has a bullish feeling but it is not completed yet.
In order for this second wave in purple to be a running correction, we need the end of it to be way above the end of the first wave and this implies the d wave in red to break the highs in the b wave in red. In other words, a running triangle to end a running correction and just like that the eurusd pair is bullish as bullish can be.
The other day FOMC minutes showed a Fed that is not hurrying to raise rates and we have to take into account that the minutes referred to the meeting that was before the Chinese yuan devaluation story and this puts pressure even more on the Fed.
From a technical point of view, like mentioned earlier, eurusd is bullish and therefore I am favoring a move into 1.1433 with 1.1020 stop loss.
About Mircea Vasiu
Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.
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