Now to move on swiftly to what I would like to show you today, it’s all about the EURO and an amazing chart pattern forming on the EURO. Please feel free to download our eBook to learn to trade a little bit more about Chart Patterns
Today, what I wanted to talk about is the EUR/USD. Now if you are new to FOREX trading, do not worry I can show you how easy it is to learn to trade currencies in a free 30-minute consultation.
Let’s talk about and understand what is going on with the European Fundamentals
EUR/USD had a positive week, rising on the back of USD weakness. Are more rises on the way? The upcoming week features PMIs and another important German survey. According to ZEW, economic sentiment has improved but remains finely balanced with Brexit fears still lurking. In the US, the Fed’s minutes showed that only a small minority wants a hike while the vast majority wants to wait and wait. This resulted in another bout of dollar weakness extending previous losses. In the ugly contest between the Dollar and the euro, the euro had the upper hand. The gains could be consolidated now. Euro/dollar made a clear break above the 1.1230 line and continued higher.
From the chart we can see that we are clearly at a point of control for the bulls and bears at the daily 38.2% Fibonacci. Should this level break to the upside, we will be shorting at the next major point of control 23.6% and top of the bearish wedge pattern at 1.1445
IMPORTANT EURO EVENTS:
- German ZEW Economic Sentiment: Tuesday, 11:00. This early survey showed the impact of Brexit on the euro zone’s largest economy. The indicator fell to -6.8 points with the negative number reflecting pessimism about the future. Will it bounce back now? Expectations stand on a positive 2.1 figure. The all-European number is projected to rise from -14.7 to -6.3 points.
- Trade Balance: Tuesday, 10:00. The euro area’s trade balance is positive, mostly thanks to Germany’s exports. A surplus of 24.5 billion was recorded in May. We now get the data for June which is forecast to show 23.2 billion.
- Current Account: Thursday, 9:00. Similar to the narrower trade balance, the wider current account also shows a significant surplus. A positive 30.8 billion euros figure was seen in May. A slide to 27.3 is on the cards for June.
- Final CPI: Thursday, 10:00. According to the initial read for July, prices advanced by 0.2% y/y. This was slightly better than expected. Core CPI was up 0.9%. Both figures will likely be confirmed.
- ECB Meeting Minutes: Thursday, 12:30. In the latest ECB meeting, Draghi did not rock the boat. The central bank left the door open to more monetary stimulus while putting pressure on governments to act. The minutes from the meeting could shed some light on the internal discussions within the Governing Council.
- German PPI: Friday, 7:00. Producer prices eventually feed into consumer prices. Germany saw prices rising by 0.4% last time. A small rise of 0.1% is expected.
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Platinum Trading Strategy for the EURO in the Short Term
When someone first hears the words technical analysis, they tend to overthink and start believing that trading is too difficult and time-consuming. Believe me, every single chart that you can see that I have published is very basic just outlining how the trade is produced.
We have a belief here at Platinum that –
Perfect Trade = Perfect Fundamental + Perfect Technical Analysis + Perfect Logic + Perfect Risk Management
So with the above in mind, let’s talk about the piptastic opportunities that are coming to the Platinum Trading Floor in the month of August.
Before I move ahead ALWAYS USE STOP LOSSES IN TRADING AND ALSO WE ARE NOT GIVING YOU TRADING ADVICE THESE ARE JUST OUR VIEWS ON THE MARKETS.
IMPORTANT LEVELS TO KEEP AN EYE ON FOR BUYS AND SELLS AND HOW TO LEARN TO TRADE THE EURO
We are on a very famous bearish wedge pattern on the euro. We could see an up spike or a stop hunt to 1.1445 which is the point of control for the bears. This will be the entry as this is the perfect level to short the euro for a momentum move. This move could play out at the picture-perfect.
Learn to trade EUR/USD
- Short EUR/USD @ 1.1445 or the nearest zone with a 40 pip stop and a target of 1.1205
- All other buy and sell levels are clearly denoted by the red and green levels on the chart
Place alerts on the major and minor support areas and match them with the zones and go for 20/20 trades
There is a potential of over 500 Pips on this chart, follow the rules and bank the money!
All trades should have a stop loss, not more than 40 Pips as stated on the chart. Place alerts at these levels and watch the profitability in front of your eyes and we can have over a 200 Pips move in one day, so please Learn To Trade, buy and hold.
So how can you learn to trade the above technical events? Please book a one 2 one consultation here ??
The Platinum Formula:
Perfect Fundamentals + Perfect Technical Analysis + Perfect Logic + Perfect Risk Management = Perfect Trade
The Platinum Way
At Platinum Trading Academy, United Kingdom, we teach all individuals from different walks of life to become a full-time trader or create a secondary revenue stream by trading part-time. We trade in an Institutional Way by letting the market come to us and being patient. Using Platinum’s Trading system you can take many Pips out of the market. We can ensure using this style of trading your trading will make a turnaround as you will become much more consistent.
If you want to trade like the professionals do, making consistently profitable returns from your trading, get in touch with us and we will demonstrate live exactly how we approach the markets.
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Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day!
Live from the Platinum Trading Floor.