Daily FX Trade Ideas – Oct 13th 2017

Daily FX Trade Ideas – Oct 13th 2017
October 12, 2017 forextraderplus
In Daily Forex Brief

Todays Market Overview

It’s friday the 13th!  Any traders with superstition on their mind, and trading whilst listening to Stevie Wonder should turn off their speakers and read on!

  • Traders waiting for data: US Core CPI (MoM) (Sep), Core Retail Sales (MoM) (Sep) , Retail Sales (MoM) (Sep)
  • US dollar flat ahead of inflation data release at 1.30 today
  • GBP continuing the rise this morning, after remarks from Barnier offering the UK a two year transition period to remain in the EU.
  • Oil trading higher
  • Bitcoin’s incredible rally to an overnight high of 5800. What next?
  • US earning announcements to start next week.

Rumours

With 2% inflation growth rate on track for Euro zone, and to start reduction in January 2018, what will the future hold when they the announce future bond-buying program on October 26th 2017.

Some officials favouring extending QE at EU30b for nine months instead of six months

Risks

North Korea is still a low-medium risk but as markets become more immune to Trump- Kim Jong-un’s rhetoric, still focusing on inflation data, US tax reform and earnings announcements.

Todays Trade Ideas

EURUSD – Buy the Dip

I would expect EURUSD volatility to pick-up once the US CPI is announced at 13.30 GMT today.  I will  look to buy the Euro on any dip lower to 1.1755/1.1790 levels with a 1.1720 stop. I would advise not to be short on the Euro. If I am taken long I will have a Take profit level of 1.18220.

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