Sforex

EURUSD: Market uncertainty captures E/U in a tight range.

FX:EURUSD   Euro Fx/U.S. Dollar
209 0 1
We begin a new trading year with lot of uncertainty.

Fristly, US data recent days performed very well but it's not enough to support USDollar             .

Absolutely, we watch Payrolls on Friday and perhaps FOMC Minutes on Wednesday to find some signals to trade.

Secondly, Eurozone begins new year with many threat from terrorist; it just a small piece of a bigger picture. I think the biggest economy of Eurozone : Germany : would face a strong problem in 2016. Of course, someone will criticize me becuase Germany has the person of year: Madam Merkel, but I keep my point.

Markit PMI data is the central focus of EZ and Germany this week. I expect positive data.

Indeed, I don't know how to trade E/U this week, hard to say BUY or SELL.

E/U now is capturing between a tight range: 1.1050 and 1.0800 I draw on the chart.

I think in the short term, with lack of catalyst to guide the trend, E/U should trade in this range at least for 1 month.

1.1050 is actually a strong resistance because SMA100+SMA200 are lying at level.

I think the best trade is SELL at 1.1050 and BUY at 1.0800

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