EUR/USD remains bullish ahead of ECB June 2

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Daily Chart

EUR Daily Chart - 20 May 2016

Monthly Chart

EUR Monthly Chart - 20 May 2016

Preference:

Long positions above 1.0950 with targets 1.1450, 1.1700, 1.2300
Global S/L – 10450
Buy Limit 1 at 1.1120 S/L 1.0950 (170 pips),
Buy Limit 2 at 1.1015 S/L 1.0950 (65 pips)
T/P-1 1.1450 (320 – 425 pips), Risk 1:2
T/P-2 1.1700 (580 – 685), Risk 1:4
T/P-3 1.2300 (1180 – 1285 pips), Risk 1:7

Period of Time:

6 – 12 Months

Basis:
  • Fundamental Idea – Nothing globally has changed from the last year.
  • Do not expect surprises on upcoming ECB press conference. Bid rate and deposit rate forecasts have been kept unchanged.
  • Speculation ahead of Brexit on June 23, can trigger Euro growth.
  • EURO LTRO program ending in next year spring.
  • FED rate hike in doubt.
  • Technicals – Two bullish engulfing candlesticks formed from previous ECB statements and Mario Draghi speeches.
  • Touch of bottom support line of daily uptrend can lead to pull-back.
  • Double button pattern forming on daily and weekly chart.
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About Author

Hi, Friend! My name is Gran Layson. I am an experienced currency and stock trader from Europe. If you want something to be done well, do it yourself, therefore often I feel myself as “Swiss Army Knife Man”. I am the Intomillion’s website administrator, developer ... read more

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