17 Dec 2015

TRADE IDEAS FOR EUR/USD AND GBP/USD AFTER FED

EUR/USD DAILY

The more hawkish than expected Fed rate decision yesterday continues to support the US dollar providing with potential dollar long trades.

EUR/USD after the initial spike higher is now falling back and the move potentially could take us down to test the MAJOR support at 1.0500. A break below this level is needed to cofirm the resumption of the broader downtrend, however, a small intraday retracement higher, may allow for a short entry with a good risk:reward ratio to target the 1.0500 level anyway.

The stops should be placed above the last week's high at 1.1050.



GBP/USD H4

Cable tested the former broken rising channel support as the new resistance yesterday. Failure to close back above the rising trendline supports the downside view as the rate may be falling towards the potential almost-seven-year rising trendline support around 1.4750.

Again a small retracement higher is needed for a new short entry if you missed it last night and the stops should be placed against the yesterdays high price at 1.5100.




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