| Videos | Channels | Search |
Trade idea: Buy EURUSD on positive momentum
Alan Collins from 3c Analysis is looking to buy euro dollar as the medium-term strength indicators and momentum are positive.
He says a stalling of the upside was seen last week after the market corrected exactly 62 percent of the 2011-12 decline. In addition, this week has seen profit taking.
But he warns this reactive move remains limited and that in the short-term the 13 day moving average - currently at 1.3703 - is protecting the downside.
His first objective is a retest of the 1.3833 recovery level, and above that point the upside should accelerate with targets of 1.3879 and 1.3923.
Investors await the outcome of the latest Fed meeting. The central bank is expected to keep the current size of its bond-purchase stimulus, a negative for the dollar.
Disclaimer
Saxo Bank Group provides an execution-only service. All information provided on Tradingfloor.com is solely for general information. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. Saxo Bank Group will not be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available as part of the Tradingfloor.com or as a result of the use of the Tradingfloor.com.
Please read our notification on
Non-independent investment research disclaimer
00:57 minutes
Tags: 3c analysis, alan collins, bond purchase, buying interest, central bank, currencies, currency, dollar, eur, euro, euro dollar, eurozone, federal reserve, financial markets, forex, fx, investing, investment, money, profit, profit taking, qe, saxo bank, saxo bank group, saxo tv, stimulus, taper, tapering, the fed, the us, trade idea, trader, tradingfloor.com, us economy, usd, video