EURUSD is not a particularly easy currency to trade.
Prices were strictly rangebound in 1Q’18, then trended downwards for five consecutive weeks to 1.150. Then it turned sideways for several months again. False breaks – north and south – characterised its chart pattern. What’s next?
With prices off the 1.130 lows this week, it seems the worst is over for EUR – at least for now. The only problem is that the currency has not really broken the multi-week downtrend from 1.180. Judging from its choppy pattern, I would not be surprised if prices re-test the 1.130 support once more. Therefore, watch to establish counter-trend positions when prices are near this support again.
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Jackson has over 15 years experience as a financial analyst. Previously a director of Stockcube Research as head of Investors Intelligence providing market timing advice and research to some of the world largest institutions and hedge funds.
Expertise: Global macroeconomic investment strategy, statistical backtesting, asset allocation, and cross-asset research.
Jackson has a PhD in Finance from Durham University.