Exclusive EUR/USD Analysis 04.10.2016

EUR/USD Bears Are Under Control

The absence of any important data today and NFP on Friday could bring EUR/USD down. In addition to that the solvency of DB is likely to impact the Yen pairs, which seem to have strong correlation with Equities, in particular, the risk-off and risk-on volatility across German Equities.

Technically the pair is showing bullish daily candle but we should not be deceived as it might be just a profit taking candle on Friday and institutional traders might start to sell the pair from POC zone 1.1248-60 (61.8, trend line, historical sellers). Rallies might be used for another sell off towards 1.1200 and 1.1170-50. 4h close or H1 momentum below 1.1150 should target 1.1100 zone.

Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets.

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Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.