Pick of the Day: EUR/USD

PoD Chart

Tonight, we have a nice, basic technical setup on EUR/USD. A weak USD sentiment is still in play ahead of the FOMC decision this week, but we may see a retracement as EUR/USD is current consolidating around 1.4400.

Stochastics are coming down from over bought territory which gives us another indication we may see a retracement.

No major fundamental events for the pair in the line up for today, so support and resistance should play out for the time being. If the pair does move lower, we will enter long at the 38% Fibonacci retracement area.

Long EUR/USD at 1.4345, stop at 1.4300, pt1 at 1.4390, pt2 at 1.4435

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Good luck and good trading!