DDMARKETS
Long

EURUSD Tech Signal: Fighting the Trend

FX:EURUSD   Euro / U.S. Dollar
Jens Wieldman (President of the German Federal Bank) stated earlier today that the European Central Bank (ECB) is on course for tighter monetary policy , which triggered the recent gains in Euro Dollar ( EURUSD ) and other EUR currency pairs and crosses.

As the United States and China are due to begin negotiating tomorrow over the current trade dispute USD weakened against a basket of currencies. It demonstrates that despite the rate hikes USD still benefits from safe haven flows.

Although the following is unrelated to EURUSD it is worth noting that GBP may be extremely volatile within the next 14 days due to the brexit negotiations. The impact on GBP may be greater as we slowly nearing the end of the brexit negotiations' deadline.

EURUSD painted reversed Head and Shoulders on the 4hr chart. A firm break above the line (preferably a 4hr close) may suggest further gains are in store, targeting 1.1500.
Aug 22
Trade closed: target reached: Target has been acquired.
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