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Andreas Zanin
Analysis | February 10, 2021

Forex Swing Trading: trade setup

In today’s post, we will look at swing trading opportunities in EUR/AUD, EUR/NZD, EUR/TRY, and EUR/ZAR The euro is in the short term is oversold in our view and a buy on strength.

In terms of the EUR we are long term bearish of it on the USD and JPY but see good risk to reward trading it long on the commodity and emerging market currencies.

The commodity currencies have been the strongest of the majors and the emerging markets have been generally strong due to firm stock markets and commodity prices and they have run too far which gives us low risk against potential reward in terms of buying the EUR. Even if risk-on continues, we think the Euro will rise but if we move to risk-off this would give the EUR an additional boost.

EUR/AUD

After falling down to test daily chart lows we have seen 2 x blue low volatility blud candles that have taken us back to nearby resistance and a break of resistance at 1.5720 is expected to follow through strongly to the upside to retrace the recent sharp sell-off.

EUR/NZD

After Moving down to make a new daily low last week we have seen the hammer out support and move up to resistance and the 20-day moving average ( green line) a clear break above it and close is heavily bullish and likely to signal a significant rally to the upside – stop behind nearby support.

EUR/TRY

The EUR has seen a big decline and is now trading above a key level of support we are deeply oversold – a breakout of nearby resistance is expected to follow through strongly to the upside.

EUR/ZAR

After making a new daily low we are now trading back above support and think the selling is exhausted. We see the EUR as a buy on a breakout above nearby resistance for a move up to levels indicated.

 

 

Research provided by LearnCurrencyTradingOnline.com

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