EURUSD had a very bad week with the fall from 1.1400 to 1.1172. Everyone was expecting much more bullish move to this pair after the long journey from May, 2014 down to the lowest level from years. Mr. Draghi said the ECB will buy a total of €60 billion a month in assets including government bonds, debt securities issued by European institutions and private-sector bonds. The purchases of government bonds and those issued by European institutions such as the European Investment Bank will start in March and are intended to run through to September 2016. Overall, the EURUSD still has another fall journey till it finds support and the economy starts to perform as targeted by ECB.
The EUR USD has the following major resistance and support levels:
- RESISTANCE: 1.1450
- SUPPORT: 1.1085
- Sell at: 1.1450 – Take Profit 1.1300 (150 pips profits)
- Sell at: 1.1175 – Take Profit 1.1075 (100 pips profits)
QUICK HINT: EURUSD is dangerous pair, I recommend using very low leverage and do not risk more than 2% of your total equity in it.
This signal is valid from: 1st-3rd March 2015