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07.11.2019 22:02

Long EUR/USD at 1.1080 – Westpac

Analysts at Westpac are recommending to go long on EUR/USD pair at 1.1080 levels for the target price of 1.1280, while maintaining stop loss of 1.1015.

“Rationale:

  • Recent EZ data have beaten estimates with an apparent shift in trend from ever weaker activity reports
  • Latest German new export and capital orders suggest a floor may been in place for a key driver of EZ’s economy
  • EC has accepted Italy’s Budget proposals suggesting a less aggressive stance on annual assessments
  • Regional rises in yields have lifted French 10yr OATs above zero
  • Improvements in US-China trade stance lifts global risk sentiment and is now USD negative
  • EU officials suggest that there is no imminent risk around EU-US auto negotiations despite lack of a deal
  • Germany’s Fin Min appears to have broken the national hurdle towards the potential of an EU banking union.

Risks:

  • US-China talks are still some distance from being assured and Dec signing could still be derailed
  • Any deterioration in EU-US trade negotiations even if the mid-November deadline appears to have been pushed forward
  • EC’s lower growth forecasts feed into ECB and cause a further push in accommodative forward guidance
  • Trump Tweets: either against US trade or Fed
  • EUR/USD has been tightly range-bound since mid-Oct. and may fail to find a directional push.”


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Forex is open 24 hours a day, 5 days a week (except national holidays), and it can be broken up to the following four regional markets: Australia and Oceania, Asia, Europe, and America. A Forex trading session opens at 23:00 GMT on Sunday in Japan and closes at 22:00 GMT on Friday in the USA.

 
Session Financial Centres UTC/GMT
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Pacific Wellington 19:00 04:00 22:00 07:00 22:00 07:00
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Sydney 21:00 06:00 00:00 09:00 00:00 09:00
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Asian Tokyo 23:00 08:00 02:00 11:00 02:00 11:00
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Hong Kong, Singapore 00:00 09:00 03:00 12:00 03:00 12:00
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European Frankfurt, Zurich, Paris 06:00 15:00 09:00 18:00 9:00 18:00
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London 07:00 16:00 10:00 19:00 10:00 19:00
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American New York 12:00 21:00 15:00 00:00 15:00 00:00
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Chicago 13:00 22:00 16:00 01:00 16:00 01:00