Dear Trader,
The U.S Interest Rate will be released today, March 16th at 6:15pm GMT. Due to the expected influence of the announcement on the Forex market, we have collected for you a few trading ideas, which you might consider to take advantage of prior to the rate announcement –
EUR.USD, Hourly
Trading Advise- Although the Pair opened on a negative note this week the weekly outlook still remains bullish. Use the 1.36 to place your stop loss under it and ride a bullish trend close to the 1.4 level. Trim you bet slightly below 1.4 as the 1.4-1.42 is a heavy bids zone where we suggesting cautiousness.
EUR.USD, Daily
EUR.JPY, Hourly
Trading Advise- The Pair is expected to have a volatile journey north with the 124.85 as the first resistance. Although downside risk for the pair is still considerable we still see good upside potential with good risk reward ratio. Place your stop loss under 123 and ride a rebound to the 125 area.
EUR.JPY, Daily
Special Attention- If you are a long term player watch for a daily close above the 125 level. A close above that level could ignite a strong rally for the pair. Place your stop loss under 120 and ride the pair to our long term target of 130.The pair’s move to 130 is expected to be volatile moreover a failure to close above 125 on a daily interval would invalidate our long term scenario.
Daily Forex Market Analysis provided by eToro
Disclaimer: Trading in the Foreign Exchange market might carry potential rewards, but also potential risks. You must be aware of the risks and are willing to accept them in order to trade in the foreign exchange market. Don’t trade with money you can’t afford to lose.
