As any short term trader knows, using technical indicators is a must if you want to be successful. There are other considerations that you want to take into account, though, but in the end, the thing that triggers a trade should rely on technical information. When trading the EUR/USD over the coming week, know that while the market is pulling the asset upward in price, each individual entry and exit point, or beginning point and expiry if you are focusing on binary options, should be determined by the technical data that you have at hand.
The euro is being buoyed right now because of a weakening U.S. dollar. Over the past month, the pair has risen from about 1.1366 to 1.1406. During that time, the price spiked up above 1.155 for a brief time. However, weak economic data coming from the U.S. is likely to keep the dollar weak, and this means that although the price has dropped over the past couple weeks since hitting that high point, the euro is still stronger than the dollar, and your trades should take this into account. [Read more…]