Time Issued: Thursday, 02 February 2012 01:00 P.M GMT
Status: open
Entry: 1.3143- 1.3165
Limit: 1.3248
Stop Loss: 1.3075
Buy EURUSD at 1.3143 to 3165 area.I recommends entering this trade at any price between 1.3143 and 1.3165.The signal suggesting that the EURUSD could be trending upwards, while the price appears to be turning higher from oversold territory.so the stop loss has been set at 1.3075 and the target has been set at 1.3248. Optimal Entry is a trend trading strategy that aims to buy dips and sell rallies in trending pairs. The strategy looks for opportunities to buy when the Speculative Sentiment Index is below -1.22, and looks for opportunities to short when it is above +1.22.
Commentary: After failing to crack the 1.3200 handle on multiple times this past week, it appears that new buyers are unwilling to enter the market at this price level. With the U.S. Dollar looking oversold on multiple longer-term intraday and daily time frames, it appears that a technical correction, if nothing else, is due for the EUR/USD. If risk-trends remain solid and/or continue to improve, I would be interested in buying the EUR/USD on a deeper pullback. It should be noted that some significant fundamental event risk exists in the coming week, with the ECB policy meeting on Thursday, February 9, and another long-term refinancing operation (LTRO) expected soon thereafter.
By
M.Zohaib Gadit
Forex Trading Consultant
Status: open
Entry: 1.3143- 1.3165
Limit: 1.3248
Stop Loss: 1.3075
Buy EURUSD at 1.3143 to 3165 area.I recommends entering this trade at any price between 1.3143 and 1.3165.The signal suggesting that the EURUSD could be trending upwards, while the price appears to be turning higher from oversold territory.so the stop loss has been set at 1.3075 and the target has been set at 1.3248. Optimal Entry is a trend trading strategy that aims to buy dips and sell rallies in trending pairs. The strategy looks for opportunities to buy when the Speculative Sentiment Index is below -1.22, and looks for opportunities to short when it is above +1.22.
Commentary: After failing to crack the 1.3200 handle on multiple times this past week, it appears that new buyers are unwilling to enter the market at this price level. With the U.S. Dollar looking oversold on multiple longer-term intraday and daily time frames, it appears that a technical correction, if nothing else, is due for the EUR/USD. If risk-trends remain solid and/or continue to improve, I would be interested in buying the EUR/USD on a deeper pullback. It should be noted that some significant fundamental event risk exists in the coming week, with the ECB policy meeting on Thursday, February 9, and another long-term refinancing operation (LTRO) expected soon thereafter.
By
M.Zohaib Gadit
Forex Trading Consultant
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