Technical & Trade View
EURUSD
Trade View
Bias: Bullish Above Bearish below 1.0390
Technicals
Primary support is 1.0390
Primary upside objective is 1.0620
Next pattern confirmation, acceptance above 1.0485
Failure below 1.03 opens a test of 1.0220
20 Day VWAP bullish, 5 Day VWAP bullish
Today’s New York Cut Option Expiries: 1.0240-50 (2.4BN), 1.0250 (2.0BN), 1.0300 (737M), 1.0350 (377M), 1.0390-00 (1.06BN), 1.0405-15 (777M), 1.0425 (1.0BN), 1.0450-55 (708M)
Institutional Insights
Analysts at Morgan Stanley note ‘Equity market performance appears to influence trading volumes and returns: We published a foundation report to show that local equity returns in G10 are linked to appreciating local currencies versus USD in the last week of the month, possibly due to asset manager flows (see Introducing Our FX Month-End Signal Framework). For November 2022 the model expects the US dollar to underperform: Our signal suggests that USD should weaken versus all currencies in the G10 this month-end. The FX month-end strategy considering the last week of the month has not performed as well over the past few months as it did earlier in the year. Last month, the dollar gained against most G10 currencies at month-end, though positive equity returns led to our signal suggesting dollar weakness.
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Past performance is not indicative of future results.
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Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!