Home Event Draghi’s rhethoric can support EUR

Draghi’s rhethoric can support EUR

09.07.2018

Tool: EURAUD

Position: Buy

(1 ratings, average: 5,00 of 5)

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Strong macroeconomic data of the eurozone has recently been supporting the single currency. The pace of industrial production has increased. Both import and export showed growth, export surplus is located at the positive territory. Besides, USD weakening due to weak statistics of the US job market, which also favourably impacts EUR. Today, at 4PM and 6PM Moscow time, th ECB’s president Mario Draghi will deliver his speech. Investors and market players will pay close attention to the regulator’s rhethoric and will also note his tone regarding monetary policy, as well as his comments with regards to the ongoing geopolitical situation in the world.
Let’s take a look at the chart for EUR/AUD.

Time M30.

5-wave structure for the purhcase is being formed.

We recomend to search for long position’s opening opportunities in the entrypoint above the construction treadline after the descending trend takes a turn. The expected move is displayed at the chart.

Take-profit is set at 1.5810.

Profit target is around 45 points.

Stop loss is fixed at 1.5728.

At the level of 1.5803 we recommend to start a breakeven.

It is worth to remind that we open orders only when the price reaches the target point and sets below the bullish structure’s treadline construction.

If the price fails to be fixed and takes a turn, we will look for new long position’s opening opportunities for the pair with a target to buy up to 1.5810.

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Draghi’s rhethoric can support EUR

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