Barring fundamental effects, the bullish gain on the EURO has been mainly from a retraction from yesterday’s loss. As seen by Fibonacci retractions, the asset has nearly reached the end of its calculated trend. Correction of movement should be seen by tomorrow and possibly later today during U.S. trading hours. However, those trading the EURO market should expect continued gains throughout the day. Traders are advised to look for CALL options from 30 minutes to an hour until the U.S. market hours.
Historically this pair has been known to be less than volatile at time but today’s trading is looking eventful. After a slow completion of its retraction from yesterday, the pair is showing a resistance towards further gain. To take a look at the rest of the day, we should expect a minor sideways pattern followed by a correction to a bearish downtrend. Traders are advised to look for strong PUT options throughout the day for up to 1 hour.
Moving at a less intense speed than the EUR/USD, EUR/CAD has still room to maneuver, yet indications point to a more bearish outlook. While as of yet to reach is full potential for a retraction, the pair has overbought itself to a level that strongly suggests a downtrend to occur. We should be expecting a slight amount of indecision throughout the morning but as the EURO market picks up a correction is bound to appear. Traders are advised to look for options ranging from 15 to 30 minutes on PUT.