MARKET INSIGHT APRIL 16: TRADING THE EURUSD | Asia Capital Markets
Coming Soon

MARKET INSIGHT APRIL 16: TRADING THE EURUSD

April 16, 2021 by Mario Soto

MARKET INSIGHT: Parallel channel on the daily chart shows the euro on resistance trendline, with horizontal ceiling at around 1.20008, hinting of a potential downtrend. The downside could be technically confirmed by Stochastics showing overbought levels.High-impact news for today coming out from the Eurozone will be mainly Core CPI, to be released by 5:00 pm PH time. If data turns out to be better-than-expected, the euro could be in for a bullish reaction. Conversely, if on the flip side, EURUSD could be bearish.Switching to H4 and H1 timeframes reveals further pullback, with potential entry for a short position below intraday support (S1) of 1.19537 and target at 1.19282 which is the next intraday support level (S2). Going long could be a breakout above pivot point (PV) of 1.19705, with target at 1.19960 or the intraday resistance (R1).Either way, once trade is in-the-money before the news release, possible options could be to close the trade right away, adjust stop loss to positive levels, or put a trailing stop and let the trade run as a safety measure.* Comments and analysis reflect only the views of Asian Capital Markets at any given time and are subject to change at any time. Always trade with discretion and observe prudent risk management by putting the necessary target and stop levels. eurusd-d1-asia-capital-markets APRIL 16 HIN eurusd-h4-asia-capital-markets APRIL 16 eurusd-h1-asia-capital-markets APRIL 16   Join our Chief Market Analyst Michael Cueto in our our up and coming webinar forex 101 for some coaching and insight into his trading strategies.

This webinar is for beginers and even experienced traders who would like to get insight into the mind of a true market analyst.
If you have ever wanted to trade to earn more money and achieve financial goals or you are a trader that has been tradign for a while but have hit a wall and not achieving your desired results, then this is the webinar for you.
– Get insight into Michael’s trading strategies and the skills and analysis he uses to trade successfully.
– Learn when to get in and out of a trade
– How to use risk management strategies to protect your positions
And much more!
Register Here

Other News & Market Analysis Posts

Interested in expanding your knowledge about our services

Interested in expanding your knowledge about our services

Whether you’re just getting started or looking to sharpen your skills, our eBooks are designed to help you dive straight in to the world of forex trading. Learn everything from basic to more advanced techniques and much more. Simply fill out the form below to get access to your FREE ebook Now!