Trade Plan for the EUR/USD 🇪🇺 🇺🇸 (WN36)
Detail on the orders placed by Jeepson Trading at eToro and 5ers
FUNDAMENTAL AND SENTIMENT SUMMARY
The most recent significant event was last Thursday when the ECB Governing Council hiked the Main Refinancing Operation Rate (Interest Rate) by 75bps to 1.25 percent as was expected. The governing council raised their projections for inflation and lowered it for GDP indicating a pessimistic outlook towards the EU economy. The next ECB meeting is in October and a further rate hike is expected although a consensus on the size is still in debate.
Market focus moves towards the final inflation rate reading for August on Friday although some attention will be on the ZEW sentiment reading tomorrow.
ORDERS
The momentum on the $EURUSD over the micro-term has moved to bullish most likely due to the optimism of Ukrainian forces making significant advances to recapture their territory that was being controlled by Russia. The short-term downtrend has also been broken indicating that higher levels are likely.
An order to SELL the $EURUSD is in progress but will trigger a stop loss at the $1.0210 level. The outlook for the Euro would be improved by a shortening of the war in Ukraine but that is not the base-case. If the existing order fails then another plan is to re-enter a sell using the downtrend resistance on the medium-term chart.
-Active Order-
Stop Loss 1.021
High Risk Sell 1.011
Low Risk Sell 1.001
-END-
DISCLAIMER
The content provided is intended for informational purposes only. Investments on the forex markets and trading decisions are made at your own risk.