Stock jumps 5% after signing agreement with Marriott to open 7 new luxury hotels in India & Sri Lanka
EUR/USD continued its upward momentum today, reaching around the 1.1548 level during the early European trading session.
The recent bullish trend in EUR/USD has been driven by several factors:
Ongoing weakness in the US Dollar Index against a basket of major currencies
Escalating US-China trade tensions
Yesterday’s headlines about President Trump’s criticism of the Federal Reserve’s policy discussions.
However, with these gains, the pair now appears due for some profit-taking, and a downward correction in EUR/USD is expected today.
Intraday Strategy for EURUSD
Swing Intraday Call:
Look to sell EURUSD in the 1.1540-1.1550 range
Set a stop loss at 1.1574(Yesterday’s High)
Watch for the following downside targets in the coming hours:
Target 1: 1.1388(Yesterday’s Low)
Target 2: 1.1264(Last Week’s Low)
Target 3: 1.1099(20-day moving average)
Heavy profit booking is expected in EUR/USD today as the US dollar shows signs of strengthening.
Traders may look to wait for a move above Target (NYSE:TGT) 1 before considering closing positions or making decisions later this week.