EUR/USD trade idea for December 7-11

Last week was very dramatic for the Euro-Dollar with Mario Draghi disappointing the Euro bears in the ECB rate decision and meeting. There was a huge consensus that the ECB is going to be much more aggressive in their actions but sources are now telling that in-house opposition limited the steps. All that led to a massive Euro buying and the EUR/USD flew from 1.0550 to 1.0980.

In the US side, the NFP numbers were solid and a bit better than expected but that did not help much the US Dollar. But, bank analysts are quite sure that the US FED is going to raise rates in their next rate decision on December 16.

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This week major economic event is the US Retail Sales on Friday.

Our forecast in the upcoming week for the Euro Dollar is to stay in range.

Short EUR/USD at 1.0945
TP: 1.0860
SL: 1.1000

Long EUR/USD at 1.0865
TP: 1.0940
SL: 1.0800


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