EURUSD is testing the one-month high of 1.1961. What's next?
We have not looked at EURUSD for a while but it is time to take a look at the chart as it is on the verge of testing the high of 1.1961 on 27 November 2017.
Investors like you may be wondering this pair's movement in the following week. From a technical outlook, this pair had been retraced from the high of 1.1961 on 27 November 2017 to the recent low of 1.1717 on 12 December 2017. Since then, it has made a U-turn to the upside. It would appear that there is a near-term upward bias on EURUSD.
Based on our forecast, if the bullish momentum continues, we could potentially see this pair reach the recent high of 1.1961 and thereafter, it will face a strong resistance of 1.2030. On the other hand, if EURUSD could not take out the high of 1.1961, we could potentially see this pair retrace to 1.1870 as our first target level, and if this level cannot provide the necessary support, EUR/USD could potentially be retraced to 1.1840.
We will monitor this pair closely and provide a further update on this pair when appropriate.
Good trading
NinjaSingapore
28 December 2017
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
Investors like you may be wondering this pair's movement in the following week. From a technical outlook, this pair had been retraced from the high of 1.1961 on 27 November 2017 to the recent low of 1.1717 on 12 December 2017. Since then, it has made a U-turn to the upside. It would appear that there is a near-term upward bias on EURUSD.
Based on our forecast, if the bullish momentum continues, we could potentially see this pair reach the recent high of 1.1961 and thereafter, it will face a strong resistance of 1.2030. On the other hand, if EURUSD could not take out the high of 1.1961, we could potentially see this pair retrace to 1.1870 as our first target level, and if this level cannot provide the necessary support, EUR/USD could potentially be retraced to 1.1840.
We will monitor this pair closely and provide a further update on this pair when appropriate.
Good trading
NinjaSingapore
28 December 2017
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
Trade active:
EURUSD hit intraday high of 1.19591 (which is less than 2 pips to our first target of 1.1961) on 28 December 2017. Anyway, we will monitor this pair closely and see what it is going to do next. Will update again.
Trade active:
We are merely 5 pips away from R2. We don't not consider this case study close yet and will watch closely whether the remaining 5 pips will be hit when the market re-opens on 2 Jan 2018.
Trade closed: target reached:
The pair is so strong and R3 (aggressive target) was achieved late last week. The case study is now closed and we shall await another opportunity