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EUR/USD Bulls Need To Overcome 1.1757 Fibo Now

ByMyFXspot research
Published 06/05/2018, 11:45 AM
Updated 07/09/2023, 06:31 AM

This Is How MyFXspot.com Trades Now

EUR/USD Trading strategy: Long

Open: 1.1600
Target: 1.1830
Stop-loss: 1.1600 (raised from 1.1510)
Recommended size: 1.67 mini lots per $10,000 in your account
Short analysis: The EUR/USD bulls managed to register a daily close above the 10-DMA, now at 1.1661, but now need to overcome the key 1.1757 Fibonacci level, 23.6% retrace of the 1.2555-1.1510 2018 fall. A break and daily close above the 1.1757 Fibo will unmask the 30-DMA currently at 1.1840. Solid support continues to underpin at Friday's 1.1617 low. We have raised our long’s target to 1.1830.

GBP/USD

Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: GBP/USD outlook is mixed, but the long upper shadow on Monday's candlestick line weighs to some extent and keeps the near-term bias on the downside. We stay sideways.

USD/JPY

Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: USD/JPY bulls managed to register a daily close above the kijun line, still at 109.76, but face huge obstacles above. There is the key Fibo at 110.14, 61.8% retrace of the 111.39 to 108.12 May fall and the 200-DMA at 110.19, both need to be broken and closed above. Outlook is mixed, especially as fourteen-day momentum remains negative.

USD/CAD

Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: The USD/CAD is testing the resistance at 1.3009 (Friday's high). More firm resistance is at 1.3047 May 29's recent trend high. The risk is very high here given uncertainty over trade issues.

AUD/USD

Trading strategy: Long
Open: 0.7555
Target: 0.7800
Stop-loss: 0.7420
Recommended size: 1.48 mini lots per $10,000 in your account
Short analysis: Pair corrects some of the recent rally and dips towards old resistance turned support in the 0.7585/95 zone. The monthly RSI divergence from May and breaking of the 23.6% Fib of 0.8136-0.7413 suggests a base has been put in. We stay long.

EUR/GBP

Trading strategy: Long
Open: 0.8780
Target: 0.8960
Stop-loss: 0.8690
Recommended size: 1.22 mini lots per $10,000 in your account
Short analysis: EUR/GBP bulls continue to build, despite suffering intra-day setbacks. Fourteen-day momentum, which has been negative since May 17, registered a positive reading on Monday. We remain long.

USD

Trading ideasy by MyFXspot.com

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