Trading plan for August 30, 2017

Trading plan for August 30, 2017

The general picture: The fall of the dollar is suspended. News in the US, the decision of the ECB is approaching, North Korea.

The situation on the market is very much confused.

The trend against the dollar was met with strong resistance.

The growth of EUR/USD reached its first targets slightly below 1.2100 and profit taking took place.

A sharp exacerbation around North Korea, though it caused the growth of the euro against the dollar (along with the franc and gold). But this is a nervous movement.

We see a strong pullback of the euro from 1.2065 to 1.1950. We are waiting for some consolidation.

Important point: Markets are switching to the ECB. A meeting on the euro already on September 7. Before the head of ECB Draghi is a difficult task, it's time to announce the completion of the growth stimulation program, but this may spur the growth of the euro which is extremely undesirable for Draghi. Nevertheless, the market will wait for the ECB.

Do not forget that soon the elections in Germany, September 27. This will put pressure on the euro.

In the moment: US news, the employment and GDP today. The employment report from ADP at 13.15 London time and GDP at 13.30 London time, we are expecting a strong data. We can see a new decline in the euro.


Possible purchases with the target of 1.2065 but there may be a decrease to 1.1880

Sales from 1.2065 and higher with a stop not exceeding 45 pp.


The material has been provided by InstaForex Company -