Watching EUR/USD

EUR/USD continues to move lower and this is working out well for this week’s trade idea.

Source: Bloomberg

The Swiss National Bank’s (SNB) move to remove the peg on EUR/CHF, which was at 1.20 sent global fx markets into a spin. Additionally, the timing of the move implies the SNB has indirectly told markets that QE is on the way. EUR/USD slipped below support in the $1.175 level which has been in play over the last week. This saw momentum accelerate to the downside with the pair trading below $1.1600 at some point. In light of the move, I’m looking to trail the stop on this trade to $1.1760. Keep in mind the entry was at $1.1860 and therefore this puts the trade in a profitable position already.


IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.