Ready to Start Trading?

Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.

Apply online

Any Questions?
Contact us:

phone: +1 849 9370815

email: sales@tradersway.com

Join Us in Just 1 Minute!

Download MT4
MT5 Terminal

EURUSD Double Bottom (Sept 29, 2015)

EURUSD could be in for a short-term reversal from its recent selloff, as the pair formed a double bottom pattern on its 1-hour time frame. 

Price has yet to test and break above the neckline of the formation around the 1.1300 major psychological resistance before conforming the potential climb.

The 100 SMA is still below the 200 SMA for now, which suggests that the downtrend might still resume. If so, another move towards the previous lows at the 1.1100 handle could take place.

An upside break past the neckline, however, could mean as much as 200 pips in gains for EURUSD since the double bottom formation is of that height. Stochastic is already indicating overbought conditions while RSI is also suggesting that the move might be overdone already.

FOMC officials shared mixed views about a potential liftoff later this year, as Fed member Evans cautioned about the risks of hiking too early. He noted that inflation is still far below target and that China poses further uncertainties on the global economy.

Other Fed officials, namely Dudley and Williams, seemed to be more optimistic about an interest rate hike taking place later this year. This view is also shared by Fed head Yellen and FOMC member Lockhart.

150929_eurusd

German preliminary CPI and Spanish flash CPI data are up for release today, as the Catalonia polls might also have an impact on euro price action. For now, traders seem to be unwinding their short positions following Draghi's remarks that further ECB easing isn't set in stone just yet.

By Kate Curtis from Trader's Way

Any Questions?
Email Us: sales@tradersway.com

bob@tradersway.pro/pl
Quotations
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

Learn more

Join Us in Just 1 Minute!

Download MT4MT5 TerminalMetaTrader for Mac
TradersWay's Facebook TradersWay's Telegram Channel TradersWay's Twitter TradersWay's Instagram
bob@tradersway.pro/pl