Euro / Dollar - Intra Day

E/U is trading in a tight range today with upward bias , e/u has off late started showing a negative correlation against S&P and Dow Jones.We do not have a great start of the US equity index today and that also comes with a overall weak USD.The selling of USD started since last Friday after the weaker than expected GDP print.Coming back to E/U today as of now price is testing 1.1218 which coincides with a TL (plot from Dec15 and March16 lows) and also was a July high around this level , an important DMA comes at 1.1235/40 level which should be a strong initial resistance (a break of it and staying above it could be a good buy) so for now we can take a sell here at 1.1220 or higher with a stop above the DMA (by 10 odd pips) and look for a correction downside towards 1.1195 or below.Its a intra day view.





Disclaimer :- Trading is not for the light hearted , Trading these instruments involves high level of risk and losses can exceed capital (depending on your Fx Broker).My advises should be used as a medium to learn and not as a medium to get RICH.I dont have any formula for anyone to get RICH. I shall share no responsibility for anyone's profit or losses.Once again Trading is not for everyone.

#EuroForex

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