Sforex
Long

EURUSD: Merry Xmas. Only 3 trading days, how to position E/U ?

FX:EURUSD   Euro / U.S. Dollar
254 0 0
This week, Main data :

- US GDP
- US Durable Good Orders.

I have no idea with those pieces of data, I think this financial year should end with USDollar             after FED Meeting.

We have few trading days of this week before most traders enjoy Holiday including me.

North America will close on 1pm Thursday and reopen on next Monday, so we have three day off.

However, I should share one idea of EURUSD             .

- Look at on the chart, EURUSD             rejected 1.0800 handle and showed a candlestick of bounce from this support. I thought that with FED rate hike decision, it would drive E/U lower this support; however, unfortunately, I was wrong. The downtrend lost momentum very fast and investors also traders realized that they should price for negative impact of higher rate. That why stock fell aggressively on last trading days of last week.

Strong resistance at 1.1050, this is also SMA100+SMA200

I am thinking about an option: Why do we buy EURUSD             to 1.1050 ?

This is indeed a good idea because EURUSD             price action indicates that it needs a strong catalyst to regain 1.0800 handle.

There is more room for a LONG position to 1.1050, I will try to BUY EURUSD             to 1.1050 handle.
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