Trade Idea: SHORT EURUSD
Trade Recommendation: SHORT EURUSD (CMP 1.0917), TP 1.0805 & SL 1.0997
Introduction: We have been perplexed by the movement of EURUSD in the last week. While the entire financial markets saw unwinding of carry trades leading to global risk off & all currencies sinking against USD, Euro not only rallied but it also somehow managed to test 1.0985 levels. This was strange to us because not only is Eurozone economy economic indicators weak, it’s inflation profile is far more benign than US Core PCE. Additionally, the Chinese economic growth is not at all picking up as seen in last week’s China’s export nos as well as the Chinese Caixin Manufacturing PMIs. Eurozone has a significant trade linkage with China & if China’s growth parameters are worsening, Eurozone’s growth will falter too in same proportion.
We believe EURUSD had a dream run even in last week’s volatile times. This week’s economic data in Eurozone as well as possible risk off globally might lead to EURUSD finally correcting itself to 1.08 levels. Though we believe in a medium-term target of 1.05 on EURUSD but for short term we will take 1.0805 as profit target.
For detailed trade recommendation report, please read the below report in our trade recommendation section:
https://macro-spectrum.com/login/short-eurusd
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