EUR/USD
EUR USD
- USD (-)
- Real time data - Forex
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Type: Forex
Ticker: EURUSD
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EUR/USD - Stocks Grind Higher Ahead of Earnings - 07/13/2021 (GMT)

  • 128
  • 0
  • Chart + Price target(s)

  • Target : Upper
  • |
  • Target 1 : 1,192
  • |
  • Target 2 : 1,1975
  • |
  • Target 3 : 1,202
  • |
  • Invalidation threshold : 1,177

  • Timeframe : Daily

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STATE OF THE MARKETS
Stocks grind higher ahead of earnings
. Major US stocks indexes grind higher on Monday, with Dow (+0.36%), S&P (+0.35%), and Nasdaq (+0.21%) at record levels, ahead of the start of Q2 earnings seasons. Investors seemed optimistic as bonds lost bids, with the US10Y benchmark climbed back to above 1.35%

In the commodities market, crude futures is battling between OPEC+ supplies quota and demand concerns from the new Covid delta variants that saw the black gold settled around $74.10/bl as New York closed. Dollar strength sent gold to as low as $1,791.21/oz before settled higher around $1,806.07/oz as investors prepare ahead of the US inflation report Tuesday.

In the FX space, risk-off remains the theme in medium to long term accounts as Swiss, Yen and Dollar lead the bids, while the comdolls were on offers. Euro was seen synching across horizons while being overbid by Sterling. Short term traders seemed to be taking advantage of the safe haven rebound, and prefer Loonie over Aussie and Kiwi in demand.

OUR PICK – EUR/USD
Riding on block orders
. About $80 million worth of block orders of Euro were noted on the futures exchange that we would like to ride with on Monday. This was also confirmed by our FX sentiments index that points to medium term strength in Euro against Dollar. Risk remains however for the pair to dip and retest major handle 1.18 to pick up a large order if any, upon which we would re-enter if stopped out. Safer SL in our view is 1.1770

Disclaimer:
This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
This member declared having a buying position on this financial instrument or a related financial instrument.

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