Top trade idea for November 12th, 2015 – EURUSD
By Mircea Vasiu on Nov 12, 2015 08:29:03 GMT
Despite the general belief that the eurusd is going to parity and below I would like to take my chances on a small bounce and while the risk-reward ratio is not that attractive here, there is still a temporary bottom that may form.
The pair is coming down in a five wave structure on the hourly chart and this means that the whole move from 1.1450 all the way to below 1.07 is nothing but a zigzag and these kind of zigzags are retrace more than our target.
That being said, the apex of the triangle should act as a resistance and it means that on any bounce into the 1.10 level bulls should be careful as the potential for a small reversal is quite high.
All in all, I would say that until ECB and Fed December meetings, the EURUSD pair is going to stay between 1.06 and 1.10, give or take fifty pips higher or lower.
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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