Euro Within the Sights of Speculators
The Euro has seen cautious trading and a slow downturn the past few weeks. But speculators still may find buying opportunities if they believe the Euro’s upside is worth a try.
Euro’s Short-Term Range Tempting
The Euro has traversed slightly higher the past day as it has come off lows. However, it is still trading within the weaker boundaries of its range.
Your capital is at risk
The Euro is near 1.1760 against the U.S Dollar and has seen a consolidated test of its value recently. Support appears to be around the 1.1680 range if a steeper selloff were to occur.
Euro Absorbing Slings and Arrows
However, the Euro for all the slings and arrows it has absorbed the past few weeks continues to linger within striking distance of its higher range. And the European Central Bank meeting’s decisions which will be announced this Thursday have created caution for the Euro against the U.S Dollar.
The Euro’s mid-term range suggest the currency will begin to see speculative buying develop again.
Euro’s Value Not Likely to Vanish
The Euro is likely to range trade the next two days leading up to the ECB’s monetary policy pronouncements, but a buying position appears to be a tantalizing opportunity.
Certainly, there are downside risks for the Euro, but the currency’s price action the past few months suggest the value the Euro has added is not going to vanish and potentially will see further gains.
In the short term, we believe Euro may be positive. Mid-term and Long-term we are unbiased.
Yaron Mazor is a senior analyst at SuperTraderTV.
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