Nima Azadi's  Instablog

Nima Azadi
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Nima Azadi has been engaging in financial markets for over 10 years. His experiences vary from investing and trading in the Tehran Stock Exchange (TSE) and Foreign Exchange Markets to mentoring and consulting on the technical aspects of financial analysis. He is frequently quoted in the Iranian... More
My book:
Duel with the Trend
  • EUR/USD Technical Outlook - 2 0 comments
    Sep 24, 2013 6:43 AM | about stocks: FXE

    Price is moving within an ascending channel in an ABC structure. It seems that this pair will rise steadily in the next month and reach the 1.38 level. This analysis is valid as long as we are above the 1.31 level.

    (click to enlarge)

    COT Report Analysis

    Taking into account the sharp increase in long positions held by the Large Speculators group - and specially the fact that few traders are behind this volume jump - and also the considerable decrease in hedged positions, we favor the EURO to continue its uptrend.

    (click to enlarge)

    Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in FXE over the next 72 hours.

    Stocks: FXE
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