Top Trade Idea For July 3rd, 2014 – EURUSD
By Mircea Vasiu on Jul 3, 2014 12:22:29 GMT
Being an ECB day I decided to take a look at the eurusd pair and actually my strategy here will be to buy the dip into this NFP and Draghi day.
From a fundamental point of view there is nothing what the ECB could do on the rate announcement, but the press conference should be pretty interesting. More details about possible QE in the Eurozone or talks about low inflation could weigh on the common currency.
As for the technical part, from my point of view we are still in a leg of a contracting triangle and while the first reaction from the highs was a rejection in the 1.3700 area, I would say market is just building energy to break higher.
Therefore, I would like to buy a pullback into the 1.3600-1.3565 area, with 1.3500 being stop loss and 1.3850 the take profit. More details regarding levels are to be found on the chart above
It remains to be seen if markets will confirm this scenario.
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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