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Coleman: Fed gives USD boost

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Ian Coleman from First 4 Trading is looking to sell into rallies for EURUSD, as the dollar continues to climb. On Wednesday the Federal Reserve announced that rates could rise faster than previously expected, in addition to another USD 10 billion reduction in its monthly bond buyback programme. The bond-buying programme is slated to end next month.

 

With the announcement from the Fed and the Scottish referendum vote taking place today, Ian notes that pinpointing an entry level for EURUSD is challenging. He is looking to enter the trade around USD 1.290, given Wednesday’s Marabuzo line at USD 1.2906 and bespoke resistance at USD 1.2883. Ian is targeting a move downward toward USD 1.2790 and USD 1.2715. A stop can be located at USD 1.2940 for this medium-term trade.