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Why The ECB Press Conference Plummeted EUR/USDThe European Central Bank had a conference where Mario Draghi, President of ECB, presented the ECB. One of his alarming statements were that the ECB has decided to cut their monthly asset purchases in half, from 60bn Euros to 30bn Euros, starting of January. With economic intuition, this enlightens Europe's inflation struggles it has had over the past few quarters. As well as Draghi's actions on APP, He has also insisted that quantitative easing is needed for ECB to reach their inflation rate target. Quantitative easing tends to looked as panic and a last resort for economies when trying to boost inflation rate; this can be shown from the massive decrease in value of the EUR/USD after this press conference where EUR/USD major support has been broken @ 1.70739. Lastly, U.S.A's GDP results are pending tomorrow and it is foretasted to be less that last month's 3.1% GDP, this month's forecast is at 2.5%.
by AI_Expert_Advisor
2
FXE Successful Retest and BreakoutOn the Daily chart we see a beautiful pattern. The 113 level on FXE (EURO) has been resistance since 2015. We've tested that area 5 times. Finally in July, we broke though, came back and retested, and now we are bouncing off of that level. A beautiful pattern here. The base since 2015 has been forming for 2 years, so this looks like an amazing opportunity to get long the EURO via FXE. Momentum in the RSI is in a bullish range (over 50) and it hit oversold territory in both April and July. That is NOT a bad sign, that is a GOOD sign that there are more buyers than sellers. Target: 120, 161.8% retracement of 2016-2017 high to low Stop: 112, under the 113 breakout level Reward to Risk: 7:1, Amazing! ----------- !! PM me with any questions about my analysis !! MY TRADING METHOD: I keep my analysis simple. Good analysis always is. I use Price Patterns, Moving Averages, and RSI for my analysis. I use the 1 day for trend analysis and 60 minute for trade entry For my Targets I use Fibonacci projections + measured moves Successful trading means proper risk sizing and trading small so you can stay in the game.
AMEX:FXELong
by BerlinTrader591