vendredi 13 mars 2015
Morgan Stanley Chart Of The Week: Where To Sell EUR/USD?
Posted on 14:36 by nice news
Morgan Stanley picks EUR/USD as its technical FX chart of the week where MS remains bearish and looks for selling opportunities on rebounds. MS provides some important levels for this potential trade where traders should consider entering this trade and placing their stops and targets accordingly.
On the long term EUR/USD Chart:
"EURUSD has accelerated lower, moving just below the bottom end of the recent trend channel at 1.0630. Currently in a downward C-wave, whose substructure below shows that the wave is incomplete, supporting a bearish view. The next lows to watch out for are 0.9613 (Sept- 2002) and then 0.8565 (Jan- 2002),' MS projects.
On the 2-year EUR/USD Chart:
"The break below 1.0630 opened the way to further downside for EURUSD. The outlook remains bearish but due to the recent rapid fall there is a risk of a mild rebound. We expect completion of the 5 th wave around parity," MS adds.
On the 90-day EUR/USD Chart
"Completing a 3 rd sub-wave with a low of 1.0495, there is room for EURUSD to technically rebound towards the 1.0850/1.0900 area, which is between 38.2% and 50% retracement levels. We would use this rebound as a selling opportunity, targeting parity. We place stops around 1.1100, since a move above here could open the way to crossing the 2-wave top at 1.1380," MS advises.
On the long term EUR/USD Chart:
"EURUSD has accelerated lower, moving just below the bottom end of the recent trend channel at 1.0630. Currently in a downward C-wave, whose substructure below shows that the wave is incomplete, supporting a bearish view. The next lows to watch out for are 0.9613 (Sept- 2002) and then 0.8565 (Jan- 2002),' MS projects.
On the 2-year EUR/USD Chart:
"The break below 1.0630 opened the way to further downside for EURUSD. The outlook remains bearish but due to the recent rapid fall there is a risk of a mild rebound. We expect completion of the 5 th wave around parity," MS adds.
On the 90-day EUR/USD Chart
"Completing a 3 rd sub-wave with a low of 1.0495, there is room for EURUSD to technically rebound towards the 1.0850/1.0900 area, which is between 38.2% and 50% retracement levels. We would use this rebound as a selling opportunity, targeting parity. We place stops around 1.1100, since a move above here could open the way to crossing the 2-wave top at 1.1380," MS advises.
Morgan Stanley Chart Of The Week: Where To Sell EUR/USD?
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