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EURUSD: Forex Technical Analysis – Positive euro-zone economic data bullish for euro

By IFCMarkets

Positive euro-zone economic data bullish for euro

Improving German consumer confidence and French Q3 GDP upgrade are bullish for euro. Will the EURUSD continue the climb?

Recent better than expected euro-zone data are bullish for euro. German GfK consumer confidence index in January and French Q3 GDP were better than anticipated: German consumer confidence edged up to 10.8 from 10.7 in December, and French Q3 GDP final reading was upgraded to 2.3% from 2.2%.

EURUSD

On the daily timeframe EURUSD is retracing after it fell to 6-week low in mid-December. It has breached the resistance line and the 50-day moving average MA(50).

We believe the bullish momentum will continue after the price breaches the above upper Donchian boundary at 1.1929. A price point above that level can be used as an entry point for a pending order to buy. The stop loss can be placed below the lower Donchian bound at 1.1717. After placing the pending order the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the probable profit/loss ratio to the breakeven point. If the price meets the stop-loss level (1.1717) without reaching the order we recommend cancelling the order: the market sustains internal changes which were not taken into account.

Technical Analysis Summary

Position Buy
Buy stop Above 1.1929
Stop loss Below 1.1717

Market Analysis provided by IFCMarkets

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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