Hello traders welcome to a new and exciting week ahead September 12th, 2016. OK what do we going on I am happy to sell the summer over and the markets waking up. We have traders looking at the market just ahead of the FOMC meeting will they raise rates or not very interesting as the numbers are not looking good only 24% chance of raise. Oil remains above 47.00$ and gold continues to raise.
Today we are looking at the EURUSD as we do every Monday and we have a sideways price action. I have placed the Fibonacci tool on the chart and I am looking for a pullback to the 50% level at the price of 1.1241 as we have a confluence of resistance. I will wait for a bearish candle formation with conformation for the sell trade entry. I will be looking for take profit at the support level at the price of 1.1202. Traders this is a small trade of only 40 pips however the risk to reward is two to one and I like that. My bias is bearish on this pair so we will stay with the trend from the daily chart.
Thank you traders and we will talk soon…….William