Trading Opportunities for the Week Ahead – 26 April 21
FX Renew | Forex Blog
by Furqan Fakar
3y ago
By Furqan Fakar  Buy EUR/USD – MT is Bull Normal Daily chart. Technical Overview: A strong breakout above the key 1.20 figure, signifies increasing bullish pressure. I will wait for a dip to  buy the pair, aiming for the key resistance level at 1.24. The bullish bias will be invalidated if the market starts to trade back below 1.20.  Fundamental Overview: There was positive data from both the EU and the US last week. With J&J’s Covid vaccine rollout resuming in Europe, investors are more optimistic about the recovery of the Eurozone.  Along with falling US bond yields ..read more
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Trading Opportunities for the Week Ahead – 19 April 21
FX Renew | Forex Blog
by Furqan Fakar
3y ago
By Furqan Fakar  Wait EUR/USD – MT is Bear Normal Daily chart. Technical Overview: Price is trading near resistance and is approaching a descending trendline. It is best to wait to see if the price can break above the descending trendline to continue higher towards 1.24 or if it will be rejected and trade lower towards 1.1712.  Fundamental Overview: Optimism in the Euro economy and falling US yield has fuelled the current bull run. However, the Eurozone is exposed to further economic risk as vaccine rollouts remain slow. Germany’s economic institute lowered the 2021 GDP growth forec ..read more
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Trading Opportunities for the Week Ahead – 12 April 21
FX Renew | Forex Blog
by Furqan Fakar
3y ago
By Furqan Fakar  Sell EUR/USD – MT is Bear Normal Daily chart. Technical Overview: Price was rejected after fulfilling our target price and is now testing resistance at 1.1950. While the pair trades below this level, I will look for a sell setup aiming for 1.1712..  Fundamental Overview: The rebound of the single currency was capped by worries around the pandemic situation and the rebound in US bond Yields. With a lockdown in Germany, these concerns may continue to weigh on the EUR.  With the increase in the US bond Yields and a reopening economy, I expect demand for the greenb ..read more
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Trading Opportunities for the Week Ahead – 28 Mar 2021
FX Renew | Forex Blog
by Furqan Fakar
3y ago
By Furqan Fakar  Sell EUR/USD – MT is Bear Normal Daily chart. Technical Overview: Price continues lower as expected towards our potential area of target at 1.1712. As the price is approaching our target level, it is best to wait for the price to break below that level before continuing selling the market.  Fundamental Overview: With the market primarily focusing on the pandemic situation, despite seeing upbeat data coming from the EU compared to the US, the EUR remains under significant bearish pressure. Slower vaccination progress on the EU continent and fresh lockdown precautions ..read more
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Trading Opportunities for the Week Ahead – 22 Mar 2021
FX Renew | Forex Blog
by Furqan Fakar
3y ago
By Furqan Fakar  Sell EUR/USD – MT is Bear Normal Daily chart. Technical Overview: Price is currently consolidating. We can expect a strong move typically after a consolidation phase. With the formation of a minor double top, the bears are currently in control. However, we will wait for the price to trade below the monthly low at 1.1830 before continuing to sell the market.  Fundamental Overview: Despite Dovish comments by Federal Reserve (Fed) Chair Powell, lower than expected US data and strong Zew survey data out of the Euro, the pairs gains were capped.  European Central Ba ..read more
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Trading Opportunities for the Week Ahead – 15 Mar 2021
FX Renew | Forex Blog
by Furqan Fakar
3y ago
By Furqan Fakar  Sell EUR/USD – MT is Bear Normal Daily chart. Technical Overview: After the formation of a bearish doji and bearish engulfing candle at the secondary resistance level at 1.2170, the price has continued lower, forming a series of lower highs and lower lows. If price continues to trade below 1.20, we can expect the pair to continue lower towards the secondary support level at 1.1712.  Fundamental Overview: The recent bounce was fuelled by strong data out of the EU. However, the EU is struggling with the pandemic situation, which will continue to weigh on the single cu ..read more
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Trading Opportunities for the Week Ahead – 1 Mar 2021
FX Renew | Forex Blog
by Furqan Fakar
3y ago
By Furqan Fakar  Wait EUR/USD – MT is Sideways Volatile Daily chart. Technical Overview: Price attempted a breakout, as expected, above the secondary resistance level at 1.2170 which subsequently failed. With price trading back within the area of consolidation, it is best to stay away from the currency pair until we have a clear picture on the overall market direction.  Fundamental Overview: The EUR gains at the early start of the week were supported by strong data out of Europe and broad USD weakness. However, with both the European Central Bank (ECB) and the Federal Reserves (FED ..read more
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Trading Opportunities for the Week Ahead – 22 Feb 2021
FX Renew | Forex Blog
by Furqan Fakar
3y ago
By Furqan Fakar  Wait EUR/USD – MT is Sideways Normal Daily chart. Technical Overview: Price remains in an area of consolidation. After the failed breakout below 1.2070, I expect the market to push higher in an attempt to break 1.2170 and aim for our target of 1.24.  Will wait for the breakout above 1.2170 this week to have more conviction of the overall market direction.  Fundamental Overview: The pair currently lacks clear fundamental direction as data out of both the EU and the US are mostly beating estimates. However, we have seen that Europe has not been as impacted by the ..read more
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Trading Opportunities for the Week Ahead – 8 Feb 2021
FX Renew | Forex Blog
by Furqan Fakar
3y ago
Wait EUR/USD – MT is Bear Normal Daily chart. Technical Overview: Price failed to hold at the 1.2070 support and ended the trading week below that level. Though this may suggest a continuation move down towards the secondary resistance level at 1.19, the formation of a bullish engulfing candle on the last trading day may signify that support around the 1.20 level may hold. I will only look to buy if the price breaks above 1.2170. Fundamental Overview: There has been a mix of sentiment between the shared currency. The market was unfazed with the Eurozone Preliminary CPI data that came out bett ..read more
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Trading Opportunities for the Week Ahead – 25 Jan 2021
FX Renew | Forex Blog
by Furqan Fakar
3y ago
Buy EUR/USD – MT is Bull Normal Daily chart. Technical Overview: A spinning top has formed in an attempt to break the secondary resistance level at 1.2170. With the market being indecisive, it is best to wait for a breakout above 1.2170 to continue buying the pair targeting 1.24. Should price reject the secondary resistance level, and start trading below 1.2070, it may signify a start of a long term bearish structure.  Fundamental Overview: Gains in the Euro last week was primarily due to the strong ZEW surveys beating estimates. Investors are more confident in the Euro recovery from the ..read more
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