Analysis for 02 September 2013
Due to the labor day in the U.S., we put our attention today on EUR pairs. This includes EUR/USD of course.
EUR/USD
Even if no data come from the U.S., but some of the euro zone are published. From 03:30 h to 04:00 h, the purchasing managers' index for Italy, France, Germany and for the entire euro area are published. The forecasts show no change to the Pre-release from 22.August, but should show better values, the at the end of the last week's trading initiated correction could increase, which is not to be assumed that the mark by 1.3300 is broken. If a values fall short of forecasts, however, it could well go under the level of support at 1.3180 which has held last Friday.
Long: > 1,3245
S/L: 25 Pips
TP: 45 Pips
Trailing Stop:25 Pips
Short: < 1,3160
S/L: 25 Pips
TP: 40 Pips
Trailing Stop: 25 Pips
EUR/GBP
Technically, the pair has finished the past week at the support-level at 0.8520. Whether this can be broken today will be up to the PMI for the euro area and the published at 04:28 h data for the UK manufacturing PMI. While in the euro area, no change to the Pre-release is expected, the forecasts shows a rise to 55.0 points compared to 54.6 points at the last publication at 01.August.
Long: > 0,8505
S/L: 20 Pips
TP: 35 Pips
Trailing Stop: 20 Pips
Short: < 0,8465
S/L: 20 Pips
TP: 40 Pips
Trailing Stop: 20 Pips
EUR/JPY
The yen is currently benefiting from the swelling of the conflict in Syria and skepticism against the currencies of emerging markets, while the releases from the euro area can not significantly strengthen investors confidence to the euro. The couple fell in the past week from 1.3220 on Monday to 1.2973 on Friday. Since there is just little substantive behind the current strength of the yen, the trend may turn due to positive data from the euro zone again.
Long: > 130,35
S/L: 25 Pips
TP: 50 Pips
Trailing Stop: 25 Pips
Short: < 129,75
TP: 35 Pips
Trailing Stop: 20 Pips
The data for entry, S/L and TP are shown as a guide only and that is probably conservative. They can be adapted to the current market behavior and your own trading style.
Risk Warning / Disclaimer
The opinions of the author to market behavior do not constitute a solicitation to buy or sell any financial products, but are merely a personal opinion. When you go into the trade in leveraged financial products, you must be aware that a loss up to the amount of your deposit and in addition, can also be an obligation to arise. Make yourself familiar with the active trade or get independent advice before you invest your own money and use only invest money that you can get over the worst case.