Top trade idea for July 21st, 2016 – EURUSD
By Mircea Vasiu on Jul 21, 2016 10:41:20 GMT
Ahead of the ECB today I would like to show a bearish pattern in the makings on the EURUSD pair and it doesn’t really matter if it is going to be a Euro related move lower or a US dollar move higher, the path of least resistance here is the downside and not the upside.
In technical terms, the EURUSD is forming an impulsive wave with the second wave most likely not being completed yet and probably being a running correction. It means it will end lower and from that point on we should apply the minimum extension or the measured move the find out the potential end for the third wave.
From a fundamental point of view, this press conference today is going to be an important one as it is the first one after the UK voted for Brexit and finding out what Draghi’s opinion is will be crucial for markets.
Expect a lot of volatility surrounding the event and a lower Euro is the most likely outcome, with 1.0788 take profit and 1.1150 being on the cards, maybe even today.
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.
Recent posts by Mircea Vasiu
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