Top trade idea for September 17th, 2015 – EURGBP
By Mircea Vasiu on Sep 17, 2015 10:10:17 GMT
Today being the Fed day, in the sense that FOMC statement and press conference to follow will strongly influence markets, our suggestion is to focus on a pair that is not US dollar driven, a cross, namely the eurgbp cross.
I am hunting here an impulsive move to the upside that should travel maximum until the 0.7500 level and minimum 0.7450, hence the take profit.
The thing is that this impulsive move, so far, respects all the rules of an impulsive move: it has an extended wave, principle of alternation between corrective waves is respected, and now we need one more leg higher.
Recent data out of the United Kingdom, especially the jobs data released the other day saw the gbpusd jumping above the 1.55 area. However, the dip in the eurgbp proved to be only an opportunity for new bulls to step in.
The fourth wave in this impulsive move is a complex correction that takes more time than the second wave. It may still consolidate some more, forming a triple three correction, but chances are it will break higher in the end.
As a consequence, I am favoring the long side, having 0.7200 stop loss and 0.7450 take profit.
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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