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17 Apr 2015
Going long on EUR/USD, targeting 1.1000 – GrowthAces
FXStreet (Barcelona) - The Growth Aces Research Team maintains a bullish outlook on EUR/USD and further share the trade setup for their long position.
Key Quotes
“We are in trend transition now. The market reaction to the series of U.S. weaker-than-expected data suggest USD bulls were becoming frustrated with the poor performance of U.S. economy and trimming their long-USD bets.”
“Spread between U.S. and German bonds yields is likely to narrow in the coming weeks due to possible delay of U.S. Fed hikes, so the scale of carry trade using the EUR as a funding currency may be lower.”
“Our short EUR/USD position reached its stop-loss at 1.0770. Technical situation suggests taking long position – RSIs are biased up with room to run. We are looking to buy on dips and placed a buy order at 1.0700.”
“Long-term traders are waiting for advance estimate of U.S. Q1 GDP data on April 29. A weak GDP reading may confirm that the long-term bearish trend on the EUR/USD is over.”
“EUR/USD: buy at 1.0740, if filled - target 1.1000, stop-loss 1.0615”
“Resistance: 1.0889 (high Apr 8), 1.0955 (high Apr 7), 1.1036 (high Apr 6)”
“Support: 1.0738 (hourly low Apr 17), 1.0727 (10-dma), 1.0623 (low Apr 16)”
Key Quotes
“We are in trend transition now. The market reaction to the series of U.S. weaker-than-expected data suggest USD bulls were becoming frustrated with the poor performance of U.S. economy and trimming their long-USD bets.”
“Spread between U.S. and German bonds yields is likely to narrow in the coming weeks due to possible delay of U.S. Fed hikes, so the scale of carry trade using the EUR as a funding currency may be lower.”
“Our short EUR/USD position reached its stop-loss at 1.0770. Technical situation suggests taking long position – RSIs are biased up with room to run. We are looking to buy on dips and placed a buy order at 1.0700.”
“Long-term traders are waiting for advance estimate of U.S. Q1 GDP data on April 29. A weak GDP reading may confirm that the long-term bearish trend on the EUR/USD is over.”
“EUR/USD: buy at 1.0740, if filled - target 1.1000, stop-loss 1.0615”
“Resistance: 1.0889 (high Apr 8), 1.0955 (high Apr 7), 1.1036 (high Apr 6)”
“Support: 1.0738 (hourly low Apr 17), 1.0727 (10-dma), 1.0623 (low Apr 16)”